Abidi, Nordine; Falagiarda, Matteo; Miquel-Flores, Ixart - 2022
This paper investigates the behaviour of credit rating agencies using a natural experiment in monetary policy. We … exploit the corporate QE of the Eurosystem and its rating-based specific design which generates exogenous variation in the … probability for a bond of becoming eligible for outright purchases. We show that after the launch of the policy, rating activity …