How consistent are credit ratings?
Subtitle: a geographic and sectoral analysis of default risk
By: John Ammer, Frank Packer.
Contributors: Packer, Frank.
Series: International finance discussion papers ;; no. 668; International finance discussion papers (Online) ;; no. 668.
Publisher: Federal Reserve Board
Published: 2000
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Subjects: Credit ratings.; Credit -- Management.
Description: "We examine differences in default rates by sector and obligor domicile.  We find evidence that credit ratings have been imperfectly calibrated across issuer sectors in the past.  Controlling for year of issue and rating, default rates appear to be higher for U.S.  financial firms than for U.S.  industrial firms.  Sectoral differences in recovery rates do not offset the higher default rates.  By contrast, we do not find significant differences in default rates between U.S.  and foreign firms"--Federal Reserve Board web site.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.