The senior unsecured bond ratings
and senior unsecured shelf ratings have also been downgraded to Ba3 and (P)Ba3 respectively, said the statement from Moodys.
Greek covered bond ratings
have demonstrated greater volatility, mirroring movements in the sovereign IDR and Country Ceiling and there remains uncertainty although Fitch expects them to be exempt from any bail-in.
The variable RATING is a composite bond rating
calculated using ratings from each of the three major rating agencies.
These represent the four main analytic factors in Moody's Sovereign Bond Rating
Before issuing their bond ratings
, City Manager Edward M.
Rice University political science professor Bob Stein offered a rundown of what bond rating
agencies look for when they give out those ratings.
Moody's reassessment of the sovereign capacity to support the banking system reflects a weakening in the strength of the country's balance sheet, as indicated by the two-notch downgrade of Cyprus's government bond ratings
to Baa3 from Baa1 on November 4.
The credit rating agency said it has also "downgraded the government's local currency bond rating
to Ba2 with a negative outlook from Baa3," and Jordan's local currency ceilings were downgraded to Baa1 from A3.
Unfortunately, accounting studies that employ bond ratings
(as either independent or dependent variable measures) do not address the issue of split bond ratings
because such studies do not use more than one bond rating
source (e.g., Khurana and Raman, 2003; and, Brandon et al., 2004).
The dependent variable of this study, the bond rating
, which serves as a proxy for the agency costs of debt in an inverse manner, depends upon the following variables: amount raised, maturity, coupon rate, and call feature.
Major bond rating
companies downgraded the county's bond rating
to D which represents a position of Default.