This paper examines key determinants of the distance between the sovereign's credit rating and the ratings of sub-sovereign foreign currency bonds, such as bond issuers' type, debt characteristics, and global and country's economic conditions. Using a comprehensive international bond-level...

We use sovereign debt rating estimations from Afonso, Gomes and Rother (2009, 2010) for Fitch, Moody's, and Standard & Poor's, to assess to what extent the recent fiscal imbalances are being reflected on the sovereign debt notations. We use macro and fiscal data up to 2009, and macro and fiscal...

Due to historically low internal saving rates, access to external financing is very important to Latin America and the Caribbean (LAC), even more so in the context of the 2030 Agenda and the implementation of the Sustainable Development Goals (SDGs). Public financing falls short of what is...

Many stakeholders in the global anti-money laundering (AML) space, including correspondent banks, rely upon explicit or de facto AML sovereign rating services. This reliance is similar to that reposed by fixed income investors in sovereign debt ratings.In this paper we demonstrate that sovereign...