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Sovereign rating: a comparison among different rating agencies

Massimo Regalli, Maria Gaia Soana, Emanuele Testi
October 2017 - n. 10
Jel codes: G15, G18, G20, G24, G2

Our research compares sovereign ratings assigned by the American S&P, Fitch and Moody’s, and the most important Chinese credit rating agency, Dagong. Differences in sovereign ratings appear rather small among US agencies, while significant between the «Big Three» and the Chinese Dagong. The four rating agencies seem to use the same macroeconomic variables in order to assign credit rating to countries. Furthermore, these variables are not able to explain the sovereign rating differences among the four credit rating agencies.

 

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