Altman, Edward I.; Sieradzki, Rafal; Thlon, Michał - 2022
expected downturn in the real economy. Based on scenario analysis on individual firm financial data, we analyze rating … an increase in current liabilities. Our modelling provides Bond Rating Equivalents (BREs) to capture changes in credit … quality under the different scenarios. We find that the impact on companies from the various rating equivalent groupings are …