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Journal articles on the topic 'Sovereign downgrade'

Author: Grafiati

Published: 10 September 2021

Last updated: 29 July 2025

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1

Abdeldayem, Marwan M., and Ramzi Nekhili. "Credit Rating Changes and Stock Market Reaction in the Kingdom of Bahrain." International Journal of Economics and Finance 8, no. 8 (2016): 23. http://dx.doi.org/10.5539/ijef.v8n8p23.

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<p>Between 2014 and 2015, the oil price almost halved. Since then, it has fallen a further 40%. Consequently, Moody’s Investors Service has downgraded Bahrain’s long-term issuer rating from Baa3 to Ba1with a negative outlook and placed it on review for further downgrade. In this context, previous literature reaches no agreement about the impact of credit rating changes on stock prices. Some studies indicate that credit rating changes do not affect stock prices, while others conclude they do. Therefore, this study aims to examine whether credit rating change has a significant impact on Ba

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Mugobo, Virimai Victor, and Misheck Mutize. "The impact of sovereign credit rating downgrade to foreign direct investment in South Africa." Risk Governance and Control: Financial Markets and Institutions 6, no. 1 (2016): 14–19. http://dx.doi.org/10.22495/rgcv6i1art2.

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Foreign Direct Investment (FDI) has grown to be an attractive alternative to borrowing from multilateral institutions such as the World Bank and the International Monetary Fund for emerging economies. Global investors prefer investing in countries which have received a Sovereign Credit Rating (SCR) as they perceive it as a good measure of risk allocation. This research applied an event study methodology to SCR downgrades from the three international CRAs (Moody, Standard and Poor and Fitch) over the period 2004 to 2014 to investigate the impact of SCR change on FDI flow into South Africa. Empi

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3

Lin, Yupeng, Bohui Zhang, and Zilong Zhang. "Earnings management upon a sovereign downgrade: International evidence." Journal of Accounting and Public Policy 52 (July 2025): 107324. https://doi.org/10.1016/j.jaccpubpol.2025.107324.

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4

Jakob, Keith, and Yoonsoo Nam. "Do cultures influence abnormal market reactions before official sovereign debt rating downgrade announcements?" Journal of International Financial Markets, Institutions and Money 47 (March 2017): 65–75. http://dx.doi.org/10.1016/j.intfin.2016.11.008.

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Man Cang, Wang, and Zhou Ming Matt. "Will Rising Debt in China Lead to a Hard Landing?" International Journal of Economics and Finance 9, no. 9 (2017): 60. http://dx.doi.org/10.5539/ijef.v9n9p60.

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Moody has recently downgraded China's sovereign debt, which's Moody's first downgrade for the country since 1989. The objective of this study is to get an insight into the local and regional government debt in China, analyze the key factors, and evaluate the economic risks. Based on the published data since 1996, the granger causality test is performed to find out the relationship between local government debt level, the fiscal income, GDP growth rate and CPI. Some major findings are: i) local government debt is accumulated through more spending on economic development and less funding obtaine

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Angelidis, Georgios, and Vasilios Margaris. "Algebraic Combinatorics in Financial Data Analysis: Modeling Sovereign Credit Ratings for Greece and the Athens Stock Exchange General Index." AppliedMath 5, no. 3 (2025): 90. https://doi.org/10.3390/appliedmath5030090.

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This study investigates the relationship between sovereign credit rating transitions and domestic equity market performance, focusing on Greece from 2004 to 2024. Although credit ratings are central to sovereign risk assessment, their immediate influence on financial markets remains contested. This research adopts a multi-method analytical framework combining algebraic combinatorics and time-series econometrics. The methodology incorporates the construction of a directed credit rating transition graph, the partially ordered set representation of rating hierarchies, rolling-window correlation a

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An, Jiyoun, and Bokyeong Park. "Natural Disasters and International Financial Accessibility in Developing Countries." Asian Economic Papers 18, no. 1 (2019): 245–61. http://dx.doi.org/10.1162/asep_a_00682.

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This study examines the impact of natural disasters on affected countries’ accessibility to international financial resources. We find empirical evidence that natural disasters significantly downgrade the sovereign credit rating of an affected country, an indicator of international financial accessibility. This finding is robust in developing countries, implying that they are faced with additional difficulties in financing post-disaster recovery costs compared with developed countries. Among disasters, droughts and storms display a particularly significant downgrading effect. Further results s

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Meyer, Daniel, and Lerato Mothibi. "The impact of risk rating agencies decisions on investment and economic growth in South Africa." 11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 11, no. 1 (2020): 109. http://dx.doi.org/10.35609/gcbssproceeding.2020.11(109).

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Over the last decade, the South African economy has endured prevailing economic challenges including weak economic growth, unreliable electricity supply, rising fiscal deficits, sub-duded investment inflows and the inexorable rise in government debt alongside the expected impact of the corona virus pandemic. Credit ratings have greatly evolved making them key elements in the modern financial markets because of their opinions of credit worthiness, as many investors across the globe relay heavily on their opinions. South Africa unlike many of its developing counterparts, has since struggled to m

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9

Kladakis, George, and Alexandros Skouralis. "Sovereign credit rating downgrades and Growth-at-Risk." Journal of International Financial Markets, Institutions and Money 103 (September 2025): 102195. https://doi.org/10.1016/j.intfin.2025.102195.

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Fatnassi, Ibrahim, Zied Ftiti, and Habib Hasnaoui. "Stock Market Reactions To Sovereign Credit Rating Changes: Evidence From Four European Countries." Journal of Applied Business Research (JABR) 30, no. 3 (2014): 953. http://dx.doi.org/10.19030/jabr.v30i3.8579.

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We analyze the reactions of the returns of four European stock markets to sovereign credit rating changes by Fitch, Moodys, and Standard and Poors (S&P) during the period from June 2008 to June 2012 using panel regression equations. We find that (i) upgrades and downgrades affect both own country returns and other countries returns, (ii) market reactions to foreign downgrades are stronger during the sovereign debt crisis period, and (iii) negative news from rating agencies are more informative than positive news.

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Adelino, Manuel, and Miguel A. Ferreira. "Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades." Review of Financial Studies 29, no. 7 (2016): 1709–46. http://dx.doi.org/10.1093/rfs/hhw004.

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Ciocîrlan, Cecilia, Andreea Stancea, and Dimitrie-Daniel Plăcintă. "European Financial Markets Integration and the Politics of Credit Rating Agencies: An Econometric Approach to Study Microeconomic Dynamics and Sustainability." Proceedings of the International Conference on Business Excellence 18, no. 1 (2024): 3255–66. http://dx.doi.org/10.2478/picbe-2024-0265.

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Abstract On sovereign credit default swaps markets, contagion serves as a sobering reminder of the interconnectedness of global financial systems. Like ripples in a pond, the impact of sovereign default or downgrades can cascade across borders, highlighting the intricate web of dependencies among nations. Utilizing sovereign CDS spreads between 2006-2020 on local European markets, the study employs an event study methodology to assess the effects of rating changes on CDS spreads, focusing on negative events such as sovereign rating downgrades. The findings reveal that negative events have a gr

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Dopierała, Łukasz, Daria Ilczuk, and Liwiusz Wojciechowski. "Sovereign credit ratings and CDS spreads in Emerging Europe." Equilibrium 15, no. 3 (2020): 419–38. http://dx.doi.org/10.24136/eq.2020.019.

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Research background: Sovereign credit ratings play an important role in determining any country’s access to the international debt market. During the global financial crisis and the European debt crisis, credit rating agencies were harshly criticized for the timing of their announcements regarding ratings downgrades and the ranges of those downgrades. Therefore, it is worth considering whether the sovereign credit rating is still a useful benchmark for investors. Purpose of the article: This article examines whether credit rating agencies still provide financial markets with new informat

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Baum, Christopher F., Dorothea Schäfer, and Andreas Stephan. "Credit rating agency downgrades and the Eurozone sovereign debt crises." Journal of Financial Stability 24 (June 2016): 117–31. http://dx.doi.org/10.1016/j.jfs.2016.05.001.

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15

Ioannou, Stefanos. "Credit Rating Downgrades and Sudden Stops of Capital Flows in the Eurozone." Journal of International Commerce, Economics and Policy 08, no. 03 (2017): 1750016. http://dx.doi.org/10.1142/s1793993317500168.

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The current paper investigates the impact of sovereign ratings on sudden stops of capital in the context of the Eurozone. Our analysis focuses on the qualitative aspect of ratings on the hypothesis that such aspect has a concrete impact on capital movements. A panel probit model is utilized for our purposes. We distinguish between net and gross capital inflows, while we also draw a distinction between long-term and short-term oriented capital. Our results confirm the influence of sovereign ratings for the majority of our model specifications. They also appear to be most significant in the case

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Ntsalaze, Zuziwe, Gideon Boako, and Paul Alagidede. "The impact of sovereign credit ratings on corporate credit ratings in South Africa." African Journal of Economic and Management Studies 8, no. 2 (2017): 126–46. http://dx.doi.org/10.1108/ajems-07-2016-0100.

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Purpose The purpose of this paper is to examine the impact of sovereign credit ratings on corporations in South Africa by assessing whether the sovereign rating assigned to South Africa by credit rating agencies acts as a ceiling/constraint for credit ratings assigned to corporations that operate within the country. The question of whether sovereign ratings are significant in determining corporate ratings was also explored. Design/methodology/approach To test the hypothesis regarding the rating of corporates relative to sovereigns, a longitudinal panel design was followed. The analysis employe

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Pačebutaitė, Aušra. "KEY DETERMINANTS OF LITHUANIA’S SOVEREIGN CREDIT RATING." Ekonomika 90, no. 1 (2011): 73–84. http://dx.doi.org/10.15388/ekon.2011.0.955.

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The topic concerning the determinants affecting sovereign credit ratings of a country became extremely relevant after the recent economic turbulence which brought relentless downgrades, especially for Central and Eastern European (CEE) countries in their sovereign credit ratings. In the face of economic downturn around the world, causing the reduced availability of global capital flows and the appetite for risk, it becomes essential for the countries to secure the high market grade ratings in order to be able to issue foreign debt to ensure the solvency of the country’s finances and to pursue

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18

Alsakka, Rasha, Owain ap Gwilym, and Tuyet Nhung Vu. "The sovereign-bank rating channel and rating agencies' downgrades during the European debt crisis." Journal of International Money and Finance 49 (December 2014): 235–57. http://dx.doi.org/10.1016/j.jimonfin.2014.03.012.

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19

AlAli, Musaed S. "Estimating Sovereign Credit Rating: Is Kuwait Overrated?" International Research in Economics and Finance 6, no. 4 (2022): 1. http://dx.doi.org/10.20849/iref.v6i4.1306.

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Despite all the criticism surrounding the reliability of credit rating agencies’ rating systems, these agencies' ratings still play an essential role in determining the cost of funding for government bonds. These agencies are also accused of not applying the same standards for all countries resulting in mis-rating causing a disturbance in these countries economic and financial systems. Countries try their best to obtain the highest rating possible to reduce their cost of borrowing and increase the demand for their bonds in the global financial market. This research is set to examine whether or

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20

Gaillard, Norbert. "Assessing sovereign risk: the case of rich countries." Journal of Financial Economic Policy 6, no. 3 (2014): 212–25. http://dx.doi.org/10.1108/jfep-03-2014-0017.

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Purpose – This paper aims to shed new light on the inability of credit rating agencies (CRAs) to forecast the recent defaults and so-called quasi-defaults of rich countries. It also describes how Moody’s sovereign rating methodology has been modified – and could be further improved – to solve this problem. Design/methodology/approach – After converting bond yields into yield-implied ratings, accuracy ratios are computed to compare the respective performances of CRAs and market participants. Then Iceland’s and Greece’s ratings at the beginning of the Great Recession are estimated while accounti

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21

Barta, Zsófia, and Alison Johnston. "Rating Politics? Partisan Discrimination in Credit Ratings in Developed Economies." Comparative Political Studies 51, no. 5 (2017): 587–620. http://dx.doi.org/10.1177/0010414017710263.

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How does government partisanship influence sovereign credit ratings of developed countries? Given the convergence of fiscal and monetary outcomes between left and right governments in the past decades, credit rating agencies (CRAs) should in principle not discriminate according to ideology. However, we hypothesize that CRAs might lower ratings for left governments as a strategy to limit negative policy and market surprises as they strive to keep ratings stable over the medium term. A panel analysis of Standard & Poor’s, Moody’s, and Fitch’s rating actions for 23 Organisation for Economic C

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22

He, Jianan, and Dirk Schiereck. "Sovereign rating announcements and the integration of African banking markets." Journal of Risk Finance 20, no. 5 (2019): 484–500. http://dx.doi.org/10.1108/jrf-11-2018-0176.

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Purpose The purpose of this paper is to examine the information spillover of sovereign rating changes on the market valuation of bank stocks in Africa. Design methodology First, the authors apply event study methodology to evaluate the stock market reaction of African bank stocks on the announcement of sovereign rating changes. Second, the cross sections of the abnormal returns are examined by multivariate regression analyses. Third, the findings are proved for robustness. Findings The authors investigate how 37 African banks react to 203 African sovereign rating announcements from the three l

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23

Li, Chunling, Khansa Pervaiz, Muhammad Asif Khan, Faheem Ur Rehman, and Judit Oláh. "On the Asymmetries of Sovereign Credit Rating Announcements and Financial Market Development in the European Region." Sustainability 11, no. 23 (2019): 6636. http://dx.doi.org/10.3390/su11236636.

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In modeling the impact of sovereign credit rating (CR) on financial markets, a considerable amount of the literature to date has been devoted to examining the short-term impact of CR on financial markets via an event-study methodology. The argument has been established that financial markets are sensitive to CR announcements, and market reactions to such announcements (both upgrading and degrading) are not the same. Using the framework of an autoregressive distributed lag setting, the present study attempted to empirically test the linear and non-linear impacts of CR on financial market develo

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KILIÇ, Saim, Ali ALP, and İ̇hsan Uğur DELİKANLI. "GOOD FORECASTING OR INFORMATION LEAKAGE EXPLAINING MARKET BEHAVIOR PRIOR TO THE ANNOUNCEMENT OF SOVEREIGN RATING DOWNGRADES: EVIDENCE FROM TURKEY." M U Iktisadi ve Idari Bilimler Dergisi 42, no. 2 (2021): 327–39. http://dx.doi.org/10.14780/muiibd.854499.

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25

Pappas, Anastasios, and Ioannis Kostakis. "The Driving Factors of EMU Government Bond Yields: The Role of Debt, Liquidity and Fiscal Councils." International Journal of Financial Studies 8, no. 3 (2020): 53. http://dx.doi.org/10.3390/ijfs8030053.

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This study presents empirical evidence about the determinants of long-term government bond yields for 19 economies of the European Monetary Union (EMU) over the period 1995–2018 within a multivariate panel framework. The fixed effects estimators reveal that the relationship between public debt to the GDP ratio and yields is non-linear. We observe a threshold, which is determined to be at the area 90% of the ratio of public debt to GDP. Beyond that, area government borrowing costs increase as the public debt rises. Furthermore, we find evidence that a GDP decline and the downgrades of sovereign

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Andike, Wahyuni, and Siti R. Susanto. "Globalisasi Mengubah Konsep Negara, Teritori, Kedaulatan : Integrasi ALBA sebagai Sovereignty Counter-Balance." Ganaya : Jurnal Ilmu Sosial dan Humaniora 5, no. 1 (2022): 103–16. http://dx.doi.org/10.37329/ganaya.v5i1.1484.

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Globalization as a dynamic process has contributed to change and downgrade the power of. Most state experience various development regarding cross-border interaction, such as in economy, politics, and culture. Although the Westphalia Treaty of 1648 was a turning point where loyalty of people must be given to the state, yet it is shown that the power of state does no longer exist as the only political power. Venezuela’s Populist economic policies under Nicolas Maduro considered as failed-state management which lead the country reaching equitable welfare. Regarding Venezuela from the start in th

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"SOUTH AFRICA: Sovereign Downgrade." Africa Research Bulletin: Economic, Financial and Technical Series 49, no. 9 (2012): 19694A—19697A. http://dx.doi.org/10.1111/j.1467-6346.2012.4761.x.

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Koerniadi, Hardjo. "Do firms manage earnings after a downgrade in their credit rating?" Review of Accounting and Finance, July 24, 2023. http://dx.doi.org/10.1108/raf-10-2022-0299.

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Purpose This paper aims to examine whether firms engage in earnings management immediately after experiencing a downgrade in their credit rating. Design/methodology/approach This paper uses fixed-effects regression models to examine real- and accrual-based earnings management after firms experience a downgrade in their credit rating. Findings Inconsistent with prior studies where firms are reported to opportunistically increase their earnings prior to a credit rating event, this paper finds that firms use income-decreasing earnings management after their ratings are downgraded. This paper also

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Lin, Yupeng, Bohui Zhang, and Zilong Zhang. "Earnings Management upon a Sovereign Downgrade." SSRN Electronic Journal, 2020. http://dx.doi.org/10.2139/ssrn.3516414.

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Klusak, Patrycja, Matthew Agarwala, Matt Burke, Moritz Kraemer, and Kamiar Mohaddes. "Rising Temperatures, Falling Ratings: The Effect of Climate Change on Sovereign Creditworthiness." Management Science, August 7, 2023. http://dx.doi.org/10.1287/mnsc.2023.4869.

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Enthusiasm for “greening the financial system” is welcome, but a fundamental challenge remains: financial decision makers lack the necessary information. It is not enough to know that climate change is bad. Markets need credible, digestible information on how climate change translates into material risks. To bridge the gap between climate science and real-world financial indicators, we simulate the effect of climate change on sovereign credit ratings for 109 countries, creating the world’s first climate-adjusted sovereign credit rating. Under various warming scenarios, we find evidence of clim

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ZIED FTITI, KHADIJA MNASRI MAZEK, and YOSR BENZARTI. "Spillover Effects of stock markets volatility, and Financial Contagion: Evidence from European sovereign debt crisis." Bankers, Markets & Investors 147, no. 1 (2017). http://dx.doi.org/10.54695/bmi.147.280.

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This study investigates the impact of sovereign rating announcements on stock market volatility and spillover effects. We focus on the main known fragile European countries of the past few years: Portugal, Spain, Greece, and Italy. We distinguish between twoperiods: the pre-euro crisis period (2008-2010) and the crisis period (2010-2012). Our results show that the stock market volatility reacts differently in response to credit rating changes in the two periods. During the sovereign crisis period, we observean asymmetric reaction of the domestic stock market volatility in favor of a ratings do

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Santos, João Daniel Azevedo dos, Adriana Bruscato Bortoluzzo, and Adalto Barbaceia Gonçalves. "MANAGEMENT OF CORPORATE DEBT DEADLINES: A LOOK AT PUBLICLY TRADED COMPANIES IN BRAZIL." Revista de Administração de Empresas 63, no. 6 (2023). http://dx.doi.org/10.1590/s0034-759020230603.

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ABSTRACT This study investigates the maturity structure of listed non-financial Brazilian companies from 2010 to 2019 and reveals that these companies do not spread their debt maturities upon renewal, unlike the results observed by Choi et al. (2018) for US firms. Even after the rollover shock in 2015 where the Brazilian sovereign debt’s investment were downgraded, these firms did not increase the maturity spread of their debt. In addition, the research evaluated corporate debt management by utilizing Brazil’s downgrade as a “quasi-natural experiment” in the exogenous shock model. The results

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Savvopoulou, Ersi-Iliana. "Who’s Afraid of the Greek Public Debt? An Event Study of the Greek Sovereign Spread on Key Dates." Journal of Business and Econometrics Studies, August 31, 2025, 1–6. https://doi.org/10.61440/jbes.2025.v2.71.

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This study provides evidence of the very short-term element impact of news on sovereign spreads, validating market-sentiment effects even under unchanged fundamentals, as applicable during select dates in the Greek crisis narrative. The event study is performed for five key dates corresponding to the revelation of the true size of the Greek budget deficit in 2009, the S&P downgrade for Greece into Selective Default in 2012, the first-time election of SYRIZA in 2015, announcement of the Grexit referendum in 2015, the announcement of a generalized lockdown in response to the COVID-19 crisis

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Silveira Pacheco de Oliveira, Diego, and Gabriel Caldas Montes. "Sovereign credit news and disagreement in expectations about the exchange rate: evidence from Brazil." Journal of Economic Studies ahead-of-print, ahead-of-print (2020). http://dx.doi.org/10.1108/jes-10-2019-0483.

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PurposeCredit rating agencies (CRAs) are perceived as highly influential in the financial system since their announcements can affect several players in the financial markets, from big private financial and non-financial companies and their financial markets experts to sovereign states. In this sense, this study investigates whether sovereign credit news issued by CRAs (measured by comprehensive credit rating (CCR) variables) affect the uncertainties about the exchange rate in the future (captured by the disagreement about exchange rate expectations). The study is relevant once there is eviden

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Adelino, Manuel, and Miguel A. Ferreira. "Does Sovereign Credit Risk Affect Bank Lending? Evidence from Sovereign Rating Downgrades." SSRN Electronic Journal, 2014. http://dx.doi.org/10.2139/ssrn.2376721.

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Wang, Erik Rui, and Shijie Yang. "Credit Ratings and Firm Innovation: Evidence from Sovereign Downgrades." SSRN Electronic Journal, 2018. http://dx.doi.org/10.2139/ssrn.3045382.

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Wang, Rui, and Shijie Yang. "Credit Ratings and Firm Innovation: Evidence from Sovereign Downgrades." Journal of Banking & Finance, November 2022, 106719. http://dx.doi.org/10.1016/j.jbankfin.2022.106719.

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Baum, Christopher F., Margarita Karpava, Dorothea Schhfer, and Stephan Andreas. "Credit Rating Agency Downgrades and the Eurozone Sovereign Debt Crises." SSRN Electronic Journal, 2014. http://dx.doi.org/10.2139/ssrn.2646513.

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Wang, Daisy (Sicong), and Wensi Xie. "Credit Ratings and Corporate Information Production: Evidence from Sovereign Downgrades." Journal of Financial and Quantitative Analysis, September 3, 2021, 1–57. http://dx.doi.org/10.1017/s0022109021000600.

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Wasi, Md Abdul, Thu Phuong Pham, and Ralf Zurbruegg. "The impact of sovereign rating downgrades on systemic risk: An analysis of the sovereign ceiling policy." Journal of Business Finance & Accounting, June 12, 2022. http://dx.doi.org/10.1111/jbfa.12637.

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Johnston, Alison, and Zsófia Barta. "The strings of the ‘golden straitjacket’: sovereign ratings and the welfare state in developed countries." Socio-Economic Review, October 14, 2022. http://dx.doi.org/10.1093/ser/mwac058.

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Do sovereign ratings influence social spending in developed countries? Ratings are highly publicized and fiscally consequential assessments of countries’ creditworthiness shown to penalize welfare-largesse. We hypothesize that downgrades induce governments to retrench social spending, and test this hypothesis via panel-analyses of 23 OECD countries between 1995 and 2019. Our event-study shows that downgrades are associated with spending reductions, but upgrades have no effect. Our error-correction models demonstrate that, since the global financial crisis, spending on social services and trans

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Hasan, Iftekhar, Suk-Joong Kim, Panagiotis N. Politsidis, and Eliza Wu. "Syndicated Bank Lending and Rating Downgrades: Do Sovereign Ceiling Policies Really Matter?" SSRN Electronic Journal, 2020. http://dx.doi.org/10.2139/ssrn.3661271.

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NAKAI, FATHI, and DONIA ROUIHEM. "FLUCTUATIONS IN MACROECONOMIC NEWS AND THEIR IMPACT ON THE STOCK MARKET: EVIDENCE FROM THE TUNISIAN TURBULENT PERIODS." Global Economy Journal, June 24, 2025. https://doi.org/10.1142/s2194565925500034.

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This paper investigates the impact of a broad set of economic and non-economic news on stock prices during the most stressful period of Tunisia’s multidimensional crisis (2011–2015). Using a two-stage econometric framework — Vector Autoregression (VAR) to isolate unanticipated shocks and Autoregressive Distributed Lag (ARDL) to analyze their effects — the research finds that traditional macroeconomic variables (e.g. interest rates, inflation, industrial production) lack significant long-term influence on stock returns. However, short-term dynamics reveal that unexpected monetary policy changes

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Almeida, Heitor, Igor Cunha, and Miguel A. Ferreira. "The Real Effects of Credit Ratings: Using Sovereign Downgrades as a Natural Experiment." SSRN Electronic Journal, 2013. http://dx.doi.org/10.2139/ssrn.2349051.

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Boumparis, Periklis, Chris Florackis, Omrane Guedhami, and Sushil Sainani. "Backing Away from ESG? The Effect of Sovereign Rating Downgrades on Corporate Sustainability." SSRN Electronic Journal, 2024. http://dx.doi.org/10.2139/ssrn.4731519.

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Masciandaro, Donato. "What If Credit Rating Agencies Were Downgraded? Ratings, Sovereign Debt and Financial Market Volatility." SSRN Electronic Journal, 2011. http://dx.doi.org/10.2139/ssrn.1924859.

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Chiu, Junmao, Hao-Wen Chang, Huimin Chung, and Chih-Yung Lin. "The Impact of Credit Rating on Credit Default Swap Market: Evidence from Sovereign Downgrades." SSRN Electronic Journal, 2024. http://dx.doi.org/10.2139/ssrn.4867578.

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48

Muir, Lucien, and Godfrey Ndlovu. "Impact of Sovereign Credit Downgrades on Stock Market Returns across Industries: Evidence from the JSE." SSRN Electronic Journal, 2024. http://dx.doi.org/10.2139/ssrn.4840418.

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Biglaiser, Glen, Hoon Lee, and Ronald J. McGauvran. "Domestic Political Unrest and Sovereign Bond Ratings in the Developing World." Journal of Conflict Resolution, August 12, 2023. http://dx.doi.org/10.1177/00220027231195383.

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This paper integrates the credit rating agency and domestic conflict literatures, investigating the effects of non-violent and violent domestic political unrest on sovereign bond ratings. Using up to 60 developing countries and 94 unrest cases from 1996-2018, we find that while countries under domestic unrest often receive bond downgrades, non-violent unrest appears not to be responsible. Further, we use mediation analysis and show that respect for the rule of law and economic stability seem to mediate the relationship between violent and non-violent unrest and bond ratings. Given developing c

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Motseta, Shanana Desiree’, and Oliver Takawira. "An Analysis of Sovereign Credit Ratings Impact on Financial Development in South Africa." Journal of Accounting and Finance in Emerging Economies 7, no. 3 (2021). http://dx.doi.org/10.26710/jafee.v7i3.1804.

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Purpose: The study analyses the effects of sovereign credit ratings on financial development in South Africa. This became important considering that the country has been receiving negative ratings of late. Design/Methodology/Approach: Quarterly data for the period 1994-2017 was analysed using the Auto-Regressive Distributed Lag (ARDL) cointegration model and its associated statistics. The Error Correction Model (ECM) was implemented to augment the results of ARDL analysing the short run dynamics. The model was chosen given the order of integration of the variables. Financial development

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