publication . Master thesis . 2017

The influence of sovereign credit ratings on corporate credit ratings.

Umutoni, Liliane;
Open Access English
  • Published: 01 Jan 2017
  • Country: Belgium
Abstract
Credit ratings have a key role in modern financial markets as they communicate crucial information on the creditworthiness of a debt issuer to investors and regulators. These credit ratings are mostly determined by three rating agencies, namely Standard & Poor’s, Moody’s and Fitch, even though, the credit rating industry counts a dozen of recognized rating agencies. Indeed, the three agencies have become the market leaders with a market share of 94.3% on the U.S market (Bloomberg, 2015) and 91,89% on the European credit market (ESME, 2015). Hence, these rating agencies have over time, gained attention and power fueled by the development of international financia...
Subjects
free text keywords: Credit ratings, Corporate credit risk, Sovereign credit risk
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