Understanding the determinants of sovereign debt ratings: Evidence for the two leading agencies

被引：11

作者：

Antonio Afonso

机构：

[1] Department of Economics and CISEP, Instituto Superior de Economia e Gestão, Technical University of Lisbon, 1249-078 Lisbon, R. Miguel Lúpi

来源：

Journal of Economics and Finance | 2003年 / 27卷 / 1期

关键词：

Percent Level; Credit Rating; Rating Level; Budget Balance; External Debt;

D O I：

10.1007/BF02751590

中图分类号：

学科分类号：

摘要：

An analysis of the possible determinants of sovereign credit ratings assigned by the two leading credit rating agencies, Moody's and Standard and Poor's, is conducted in this paper by using linear, logistic, and exponential transformations of the rating scales. Of the large number of variables that can be used, the set of explanatory variables selected in this study is significant in explaining the credit ratings. Namely, six variables appear to be the most relevant to determining a country's credit rating: GDP per capita, external debt, level of economic development, default history, real growth rate, and inflation rate.

引用

页码：56 / 74

页数：18

共 25 条

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