Sovereign ratings have frequently failed to predict crises. However, the literature has focused on explaining rating levels rather than the timing of rating announcements. We fill this gap by explicitly differentiating between a decision to assess a country and the actual rating decision....

Preface -- Introduction to the book -- General sample and general methodology -- Sovereign credit universe -- Macroeconomic environment of sovereign default -- The history of sovereign ratings and the emergence of the three major sovereign credit agencies -- Agencies methodology to sovereign...