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Shadow Sovereign Ratings

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Author Info

  • Canuto, Otaviano

    ()
    (World Bank)

  • Mohapatra, Sanket

    ()
    (World Bank)

  • Dilip Ratha

    ()
    (World Bank)

Abstract

Sovereign ratings are a necessary condition for countries to fully access international capital. Even if the sovereign government is not issuing bonds, the sovereign rating often acts as a ceiling for the private sector and can influence its international capital market access. However, 58 developing countries are still not rated by Standard and Poors, Moodys, and Fitch, the three international credit rating agencies. This premise presents an exercise to predict shadow sovereign ratings to estimate where unrated countries would lie on the credit spectrum if they were rated. Contrary to popular perception, unrated countries are not necessarily at the bottom of the rating spectrum.

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Bibliographic Info

Article provided by The World Bank in its journal Economic Premise.

Volume (Year): (2011)
Issue (Month): 63 (August)
Pages: 1-6

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Handle: RePEc:wbk:prmecp:ep63

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Related research

Keywords: AAA; credit ratings; moody's; fitch; standard and poors; credit; credit ratings; World Bank; developing countries; soverign debt;

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References

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  1. Ratha, Dilip & De, Prabal K. & Mohapatra, Sanket, 2011. "Shadow Sovereign Ratings for Unrated Developing Countries," World Development, Elsevier, vol. 39(3), pages 295-307, March.
  2. Richard Cantor & Frank Packer, 1996. "Determinants and impact of sovereign credit ratings," Economic Policy Review, Federal Reserve Bank of New York, issue Oct, pages 37-53.
  3. Aart Kraay & Vikram Nehru, 2006. "When Is External Debt Sustainable?," World Bank Economic Review, World Bank Group, vol. 20(3), pages 341-365.
  4. Lee, Suk Hun, 1993. "Are the credit ratings assigned by bankers based on the willingness of LDC borrowers to repay?," Journal of Development Economics, Elsevier, vol. 40(2), pages 349-359, April.
  5. Reinhart, Carmen, 2002. "Sovereign Credit Ratings Before and After Financial Crises," MPRA Paper 7410, University Library of Munich, Germany.
  6. Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany.
  7. Mora, Nada, 2006. "Sovereign credit ratings: Guilty beyond reasonable doubt?," Journal of Banking & Finance, Elsevier, vol. 30(7), pages 2041-2062, July.
  8. Alexander Lehmann, 2004. "Sovereign Credit Ratings and Private Capital Flows to LowÔÇÉincome Countries," African Development Review, African Development Bank, vol. 16(2), pages 252-268.
  9. Ashok Vir Bhatia, 2002. "Sovereign Credit Ratings Methodology," IMF Working Papers 02/170, International Monetary Fund.
  10. Eduardo Borensztein & Patricio Valenzuela & Kevin Cowan, 2007. "Sovereign Ceilings "Lite"? T+L3712he Impact of Sovereign Ratingson Corporate Ratings in Emerging Market Economies," IMF Working Papers 07/75, International Monetary Fund.
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Citations

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Cited by:
  1. Michael Alfons Stemmer, 2012. "Assessing the relationship between Chinese capital flows and African debt sustainability," Post-Print dumas-00903799, HAL.
  2. Ibrahim Sirkeci & Jeffrey H. Cohen & Dilip Ratha, 2012. "Migration and Remittances during the Global Financial Crisis and Beyond," World Bank Publications, The World Bank, number 13092, October.
  3. Aliu, Armando, 2012. "International Migration and the European Union Relations in the Context of a Comparison of Western Balkans and North African Countries: Controlling Migration and Hybrid Model," MPRA Paper 38931, University Library of Munich, Germany.
  4. Basu, Kaushik & De, Supriyo & Ratha, Dilip & Timmer, Hans, 2013. "Sovereign ratings in the post-crisis world : an analysis of actual, shadow and relative risk ratings," Policy Research Working Paper Series 6641, The World Bank.

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