The Leading eBooks Store Online 4,272,009 members ⚫ 1,419,367 ebooks

New to eBooks.com?

Learn more

Sovereign Ceilings "Lite"? the Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies

Sovereign Ceilings Lite? the Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies by Eduardo Borensztein
Buy this eBook
US$ 9.00
(If any tax is payable it will be calculated and shown at checkout.)
Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the "sovereign ceiling") it appears that sovereign ratings remain a significant determinant of the credit rating assigned to corporations. We examine this link using data for advanced and emerging economies over the past decade and conclude that the sovereign ratings have a significant and robust effect on private ratings even after controlling for country specific macroeconomic conditions and firm-level performance indicators. This suggests that public debt management affects the private sector through a channel that had not been previously recognized.
International Monetary Fund; April 2007
32 pages; ISBN 9781452779386
Read online, or download in secure EPUB or secure PDF format
Title: Sovereign Ceilings "Lite"? the Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies
Author: Eduardo Borensztein; Patricio Valenzuela; Kevin Cowan
 
ISBNs
1451910924
9781451866391
9781451910926
9781452779386