Afonso, António; Gomes, Pedro; Rother, Philipp - European Central Bank - 2007
In this paper we study the determinants of sovereign debt credit ratings using rating notations from the three main … international rating agencies, for the period 1995-2005. We employ panel estimation and random effects ordered probit approaches to …. Relevant explanatory variables for a country's credit rating are: GDP per capita, GDP growth, government debt, government …