Sovereign credit ratings during the COVID-19 pandemic.

Int Rev Financ Anal · 2021 · PMC8590888 · PMID 36532659

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weakly significantno p-value reported

Finally, in the case of Fitch, GDP_Outlook is strongly significant with the predicted negative sign but CAB_Outlook is weakly significant with a positive sign (Spec.

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highly significantno p-value reported

The fact that the coefficient is positive and highly significant (at 1% level) provides evidence that CRAs did in many instances simply wait until a review was due before lowering a rating or outlook.

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