Shadow Sovereign Ratings

Canuto, Otaviano ; Mohapatra, Sanket ; Ratha, Dilip

World Bank, Washington, DC

关键词: ACCOUNTING;    ASSET PRICE;    ASSET PRICE BOOMS;    ASSET PRICE BUBBLES;    ASSET PRICES;   

RP-ID  :  63889

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Sovereign ratings are a necessarycondition for countries to fully access internationalcapital. Even if the sovereign government is not issuingbonds, the sovereign rating often acts as a'ceiling' for the private sector and can influenceits international capital market access. However, 58developing countries are still not rated by Standard andPoor's, Moody's, and Fitch, the threeinternational credit rating agencies. This premise presentsan exercise to predict 'shadow' sovereign ratingsto estimate where unrated countries will lie on the creditspectrum if they were rated. Contrary to popular perception,unrated countries are not necessarily at the bottom of therating spectrum.