Sovereign Debt and Credit Rating Bias rejects the notion that
credit rating agencies' rigorous and transparent determination of
ratings leaves no room for bias, and debunks the myth that the
value CRAs place on their reputational capital precludes prolonged
biases. To determine the extent of CRAs' biased actions, Tennant
and Tracey apply a rigorous methodology to a well-established
economic model of the determinants of sovereign debt quality. They
present strong evidence of bias against poor countries and
demonstrate how biased rating changes could disadvantage such
countries and the companies operating therein as they seek access
to international capital markets. They discuss plausible
explanations for the bias and suggest remedial measures that would
help ensure balance in credit rating changes. This book fills an
important gap by rigorously examining a long-standing but often
ignored concern about the rating practices of credit rating
agencies.
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