Shadow Sovereign Ratings

Sovereign ratings are a necessary condition for countries to fully access international capital. Even if the sovereign government is not issuing bonds, the sovereign rating often acts as a 'ceiling' for the private sector and can influenc...

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Main Authors:	Canuto, Otaviano, Mohapatra, Sanket, Ratha, Dilip
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ASSET PRICE ASSET PRICE BOOMS ASSET PRICE BUBBLES ASSET PRICES BONDHOLDERS BONDS BORROWING COST CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL MARKET ACTIVITIES CAPITAL MARKETS COMMERCIAL BANKS CORRELATION COEFFICIENT CREDIT MARKETS CREDIT QUALITY CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITWORTHINESS CURRENCY DEBT CRISES DEBT FINANCE DEBT INSTRUMENTS DEBT OBLIGATIONS DEFAULT RISK DEFAULTS DEPRESSION DEVELOPING COUNTRIES DOMESTIC BORROWING ECONOMETRIC MODEL ECONOMIC GROWTH ECONOMIC POLICY ECONOMICS EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET ECONOMIES EMERGING MARKETS EXPLANATORY VARIABLES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL STABILITY POLICY FINANCIAL STRUCTURES FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTORS GOVERNANCE INDICATORS GOVERNMENT REVENUE GROWTH RATE HIGH-INCOME COUNTRIES HOUSEHOLD DEBT IMPORTS INCOME INFLATION INFLATION OBJECTIVE INNOVATIVE FINANCING INSTRUMENT INTEREST RATES INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS JUDGMENT LEGAL ENVIRONMENT LIABILITY LIQUIDITY LIQUIDITY CRISIS LOW-INCOME COUNTRIES MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARKET ACCESS MONETARY FUND MONETARY POLICY OUTPUT POVERTY REDUCTION PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE FINANCING PROPERTY RIGHTS PRUDENTIAL REGULATION PUBLIC DEBT REAL ESTATE REGRESSION ANALYSIS REMITTANCES RESERVE RESERVE FUND RESERVES RISK PREMIA RISK WEIGHT RULE OF LAW SALE OF SECURITIES SMALL COUNTRIES SMALL ECONOMIES SOVEREIGN DEBT SOVEREIGN RATING SOVEREIGN RATINGS SOVEREIGN RISK STABLE GROWTH STABLE INFLATION STOCK MARKET SYSTEMIC CRISIS WORLD DEVELOPMENT INDICATORS WORLD ECONOMY YANKEE BONDS
Online Access:	http://documents.worldbank.org/curated/en/2011/08/14830998/shadow-sovereign-ratings http://hdl.handle.net/10986/10080

id	okr-10986-10080
recordtype	oai_dc
spelling	okr-10986-100802021-04-23T14:02:48Z Shadow Sovereign Ratings Canuto, Otaviano Mohapatra, Sanket Ratha, Dilip ACCOUNTING ASSET PRICE ASSET PRICE BOOMS ASSET PRICE BUBBLES ASSET PRICES BONDHOLDERS BONDS BORROWING COST CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL MARKET ACTIVITIES CAPITAL MARKETS COMMERCIAL BANKS CORRELATION COEFFICIENT CREDIT MARKETS CREDIT QUALITY CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITWORTHINESS CURRENCY DEBT CRISES DEBT FINANCE DEBT INSTRUMENTS DEBT OBLIGATIONS DEFAULT RISK DEFAULTS DEPRESSION DEVELOPING COUNTRIES DOMESTIC BORROWING ECONOMETRIC MODEL ECONOMIC GROWTH ECONOMIC POLICY ECONOMICS EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET ECONOMIES EMERGING MARKETS EXPLANATORY VARIABLES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL STABILITY POLICY FINANCIAL STRUCTURES FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTORS GOVERNANCE INDICATORS GOVERNMENT REVENUE GROWTH RATE HIGH-INCOME COUNTRIES HOUSEHOLD DEBT IMPORTS INCOME INFLATION INFLATION OBJECTIVE INNOVATIVE FINANCING INSTRUMENT INTEREST RATES INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS JUDGMENT LEGAL ENVIRONMENT LIABILITY LIQUIDITY LIQUIDITY CRISIS LOW-INCOME COUNTRIES MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARKET ACCESS MONETARY FUND MONETARY POLICY OUTPUT POVERTY REDUCTION PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE FINANCING PROPERTY RIGHTS PRUDENTIAL REGULATION PUBLIC DEBT REAL ESTATE REGRESSION ANALYSIS REMITTANCES RESERVE RESERVE FUND RESERVES RISK PREMIA RISK WEIGHT RULE OF LAW SALE OF SECURITIES SMALL COUNTRIES SMALL ECONOMIES SOVEREIGN DEBT SOVEREIGN RATING SOVEREIGN RATINGS SOVEREIGN RISK STABLE GROWTH STABLE INFLATION STOCK MARKET SYSTEMIC CRISIS WORLD DEVELOPMENT INDICATORS WORLD ECONOMY YANKEE BONDS Sovereign ratings are a necessary condition for countries to fully access international capital. Even if the sovereign government is not issuing bonds, the sovereign rating often acts as a 'ceiling' for the private sector and can influence its international capital market access. However, 58 developing countries are still not rated by Standard and Poor's, Moody's, and Fitch, the three international credit rating agencies. This premise presents an exercise to predict 'shadow' sovereign ratings to estimate where unrated countries will lie on the credit spectrum if they were rated. Contrary to popular perception, unrated countries are not necessarily at the bottom of the rating spectrum. 2012-08-13T10:21:45Z 2012-08-13T10:21:45Z 2011-08 http://documents.worldbank.org/curated/en/2011/08/14830998/shadow-sovereign-ratings http://hdl.handle.net/10986/10080 English Economic Premise; No. 63 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ASSET PRICE ASSET PRICE BOOMS ASSET PRICE BUBBLES ASSET PRICES BONDHOLDERS BONDS BORROWING COST CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL MARKET ACTIVITIES CAPITAL MARKETS COMMERCIAL BANKS CORRELATION COEFFICIENT CREDIT MARKETS CREDIT QUALITY CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITWORTHINESS CURRENCY DEBT CRISES DEBT FINANCE DEBT INSTRUMENTS DEBT OBLIGATIONS DEFAULT RISK DEFAULTS DEPRESSION DEVELOPING COUNTRIES DOMESTIC BORROWING ECONOMETRIC MODEL ECONOMIC GROWTH ECONOMIC POLICY ECONOMICS EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET ECONOMIES EMERGING MARKETS EXPLANATORY VARIABLES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL STABILITY POLICY FINANCIAL STRUCTURES FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTORS GOVERNANCE INDICATORS GOVERNMENT REVENUE GROWTH RATE HIGH-INCOME COUNTRIES HOUSEHOLD DEBT IMPORTS INCOME INFLATION INFLATION OBJECTIVE INNOVATIVE FINANCING INSTRUMENT INTEREST RATES INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS JUDGMENT LEGAL ENVIRONMENT LIABILITY LIQUIDITY LIQUIDITY CRISIS LOW-INCOME COUNTRIES MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARKET ACCESS MONETARY FUND MONETARY POLICY OUTPUT POVERTY REDUCTION PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE FINANCING PROPERTY RIGHTS PRUDENTIAL REGULATION PUBLIC DEBT REAL ESTATE REGRESSION ANALYSIS REMITTANCES RESERVE RESERVE FUND RESERVES RISK PREMIA RISK WEIGHT RULE OF LAW SALE OF SECURITIES SMALL COUNTRIES SMALL ECONOMIES SOVEREIGN DEBT SOVEREIGN RATING SOVEREIGN RATINGS SOVEREIGN RISK STABLE GROWTH STABLE INFLATION STOCK MARKET SYSTEMIC CRISIS WORLD DEVELOPMENT INDICATORS WORLD ECONOMY YANKEE BONDS
spellingShingle	ACCOUNTING ASSET PRICE ASSET PRICE BOOMS ASSET PRICE BUBBLES ASSET PRICES BONDHOLDERS BONDS BORROWING COST CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL MARKET ACTIVITIES CAPITAL MARKETS COMMERCIAL BANKS CORRELATION COEFFICIENT CREDIT MARKETS CREDIT QUALITY CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITWORTHINESS CURRENCY DEBT CRISES DEBT FINANCE DEBT INSTRUMENTS DEBT OBLIGATIONS DEFAULT RISK DEFAULTS DEPRESSION DEVELOPING COUNTRIES DOMESTIC BORROWING ECONOMETRIC MODEL ECONOMIC GROWTH ECONOMIC POLICY ECONOMICS EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET ECONOMIES EMERGING MARKETS EXPLANATORY VARIABLES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL STABILITY POLICY FINANCIAL STRUCTURES FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTORS GOVERNANCE INDICATORS GOVERNMENT REVENUE GROWTH RATE HIGH-INCOME COUNTRIES HOUSEHOLD DEBT IMPORTS INCOME INFLATION INFLATION OBJECTIVE INNOVATIVE FINANCING INSTRUMENT INTEREST RATES INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS JUDGMENT LEGAL ENVIRONMENT LIABILITY LIQUIDITY LIQUIDITY CRISIS LOW-INCOME COUNTRIES MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARKET ACCESS MONETARY FUND MONETARY POLICY OUTPUT POVERTY REDUCTION PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE FINANCING PROPERTY RIGHTS PRUDENTIAL REGULATION PUBLIC DEBT REAL ESTATE REGRESSION ANALYSIS REMITTANCES RESERVE RESERVE FUND RESERVES RISK PREMIA RISK WEIGHT RULE OF LAW SALE OF SECURITIES SMALL COUNTRIES SMALL ECONOMIES SOVEREIGN DEBT SOVEREIGN RATING SOVEREIGN RATINGS SOVEREIGN RISK STABLE GROWTH STABLE INFLATION STOCK MARKET SYSTEMIC CRISIS WORLD DEVELOPMENT INDICATORS WORLD ECONOMY YANKEE BONDS Canuto, Otaviano Mohapatra, Sanket Ratha, Dilip Shadow Sovereign Ratings
relation	Economic Premise; No. 63
description	Sovereign ratings are a necessary condition for countries to fully access international capital. Even if the sovereign government is not issuing bonds, the sovereign rating often acts as a 'ceiling' for the private sector and can influence its international capital market access. However, 58 developing countries are still not rated by Standard and Poor's, Moody's, and Fitch, the three international credit rating agencies. This premise presents an exercise to predict 'shadow' sovereign ratings to estimate where unrated countries will lie on the credit spectrum if they were rated. Contrary to popular perception, unrated countries are not necessarily at the bottom of the rating spectrum.
format	Publications & Research :: Brief
author	Canuto, Otaviano Mohapatra, Sanket Ratha, Dilip
author_facet	Canuto, Otaviano Mohapatra, Sanket Ratha, Dilip
author_sort	Canuto, Otaviano
title	Shadow Sovereign Ratings
title_short	Shadow Sovereign Ratings
title_full	Shadow Sovereign Ratings
title_fullStr	Shadow Sovereign Ratings
title_full_unstemmed	Shadow Sovereign Ratings
title_sort	shadow sovereign ratings
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2011/08/14830998/shadow-sovereign-ratings http://hdl.handle.net/10986/10080
_version_	1764411752736358400

Shadow Sovereign Ratings

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