Sovereign risk assessment and agency credit ratings

Sovereign risk assessment and agency credit ratings Sovereign ratings are gaining importance as more governments with greater default risk borrow in international bond markets. However, while the ratings have proved useful to governments seeking market access, the difficulty of assessing sovereign risk has led to agency disagreements and public controversy over specific rating assignments. Recognising this difficulty, the financial markets have shown some scepticism toward sovereign ratings when pricing issues. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Financial Management Wiley

Sovereign risk assessment and agency credit ratings

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Publisher
Wiley
Copyright
Copyright © 1996 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1354-7798
eISSN
1468-036X
DOI
10.1111/j.1468-036X.1996.tb00040.x
Publisher site
See Article on Publisher Site

Abstract

Sovereign ratings are gaining importance as more governments with greater default risk borrow in international bond markets. However, while the ratings have proved useful to governments seeking market access, the difficulty of assessing sovereign risk has led to agency disagreements and public controversy over specific rating assignments. Recognising this difficulty, the financial markets have shown some scepticism toward sovereign ratings when pricing issues.

Journal

European Financial ManagementWiley

Published: Jul 1, 1996

References

  • A simple approach to valuing risky fixed and floating rate debt
    Longstaff, Longstaff; Schwartz, Schwartz

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