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Sovereign ratings and oil-exporting countries: the effect of high oil prices on ratings

Breunig, Robert V.; Chia, Tse Chern


We investigate how high and rising oil prices in the 2003-2008 period affected the sovereign ratings of oil-exporting countries, after controlling for fundamentals. Based on a large dataset of countries from Standard and Poor's and Moody's, we find strong statistical evidence of a large ratings premium - nearly two notches - for those oil-exporting countries with a large share of net oil revenue to gross domestic product, relative to countries with similar economic fundamentals. We have some...[Show more]

CollectionsANU Research Publications
Date published: 2015-03
Type: Journal article
Source: International Review of Finance
DOI: 10.1111/irfi.12036


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