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2004 Transition Data For Rated Sovereigns Mar 05
Standard & Poors, March 2005
Abstract
Standard & Poor's Ratings Services has updated its data on the performance and default rates of sovereign ratings through year-end 2004, including the defaults of Grenada, the Bolivarian Republic of Venezuela, and the Republic of Cameroon. (All ratings herein are long-term sovereign credit ratings. Complete ratings information can be found in 'Sovereign Ratings History Since 1975;' see end of this report for access information.) The data continue to support the conclusions that: Sovereign ratings are robust predictors of default; Sovereign ratings are progressively more stable at higher rating levels; Upgrades and downgrades of foreign currency sovereign credit ratings are balanced over the entire study period (1975-2004), albeit with a greater preponderance of upgrades since 1991; The relative rank ordering of...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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