EconPapers    
Economics at your fingertips  
 

Sovereign Ceilings "Lite"? The Impact of Sovereign Ratings on Corporate Ratings

Eduardo Borensztein, Kevin Cowan and Patricio Valenzuela ()
Additional contact information
Eduardo Borensztein: Inter-American Development Bank
Kevin Cowan: Central Bank of Chile

Working Papers from University of Pennsylvania, Wharton School, Weiss Center

Abstract: Although credit rating agencies have gradually moved away from a policy of never rating a corporation above the sovereign (the 'sovereign ceiling'), it appears that sovereign credit ratings remain a significant determinant of corporate credit ratings. We examine this link using data for advanced and emerging economies over the period of 1995-2009. Our main result is that a sovereign ceiling continues to affect the rating of corporations. This effect is robust to a broad range of alternative specifications.

JEL-codes: G10 G20 G30 (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations: View citations in EconPapers (71) Track citations by RSS feed

Downloads: (external link)
http://fic.wharton.upenn.edu/fic/papers/13/13-11.pdf
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://fic.wharton.upenn.edu/fic/papers/13/13-11.pdf [301 Moved Permanently]--> https://wifpr.wharton.upenn.edu/fic/papers/13/13-11.pdf)

Related works:
Journal Article: Sovereign ceilings “lite”? The impact of sovereign ratings on corporate ratings (2013) Downloads
Working Paper: Sovereign Ceilings “Lite”? The Impact of Sovereign Ratings on Corporate Ratings (2013) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecl:upafin:13-11

Access Statistics for this paper

More papers in Working Papers from University of Pennsylvania, Wharton School, Weiss Center Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2022-09-25
Handle: RePEc:ecl:upafin:13-11