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2003 Transition Data Update for Rated Sovereigns Jan 04
Standard & Poors, Jan 2004
Abstract
Standard & Poor's Ratings Services has updated its data on the performance and default rates of sovereign ratings through the end of 2003 (all ratings herein refer to long-term sovereign credit ratings). In general, 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 ratings are balanced over the entire study period (1975-2003), but with a greater preponderance of upgrades since 1991; and Sovereign ratings are no more volatile than other credit ratings. In 1999, Standard & Poor's published its first sovereign rating transition study for foreign currency ratings (see 'Sovereign Ratings Display Stability Over Two Decades,' RatingsDirect, April...
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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