On Bond Ratings and Pension Obligations: A Note

Linda J. Martin and Glenn V. Henderson

Journal of Financial and Quantitative Analysis, 1983, vol. 18, issue 4, 463-470

Abstract: Financial analysts have been intrigued by bond ratings since John Moody first started publishing them in 1909. Bond ratings are assigned by three agencies (Moody's, Standard and Poor's (S&P), and Fitch); these ratings are widely publicized and are, therefore, critically important. A bond's rating affects investors' purchase decisions and, consequently, the issuing firm's cost of debt and, indirectly, its cost of equity.

Date: 1983
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