Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies »
Series: IMF Working Papers
Author(s): Eduardo Borensztein , Patricio Valenzuela , and Kevin Cowan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 April 2007
Keywords: credit rating, sovereign default, credit rating agencies, current account, external debt, General Financial Markets, Financial Institutions And Services, Corporate Finance And Governance,
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 determ...