Borensztein, Eduardo
[VerfasserIn]
;
Cowan, Kevin
[Sonstige Person, Familie und Körperschaft];
Valenzuela, Patricio
[Sonstige Person, Familie und Körperschaft]
Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies
Erschienen in:IMF Working Papers, Vol. , pp. 1-32, 2007
Umfang:
1 Online-Ressource (34 p)
Sprache:
Nicht zu entscheiden
DOI:
10.2139/ssrn.979029
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 2007 erstellt
Beschreibung:
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