- Language: English
- Published: May 2013
- Region: Romania
Sovereign Defaults And Rating Transition Data, 2011 Update Mar 12
- Published: March 2012
- Standard & Poors
Standard & Poor's Ratings Services has updated its data on the performance and default rates of sovereign ratings through year-end 2011. (1) From our reading of the data, we conclude that, in general: The relative rank ordering of sovereign ratings has been consistent with historical default experience. Sovereign ratings have exhibited greater stability at higher rating levels than at lower levels. Sovereign ratings have been no more volatile than other credit ratings of private-sector corporations and financial institutions; large rating movements in either direction are the exception and not the rule, even over several years. The sovereign rating default experience has been in line with Basel II reference default rates, even though default rates for individual years vary widely. Since...
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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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