Afonso, António; Alves, José; Gkonkas, Periklēs; … - 2026
a stable set of core rating determinants centred on inflation, debt-to-GDP, current account balance, budget balance rule … systematic variation between fundamentals and ratings, validating the shadow-rating decomposition used in the market-pricing test …. ECB-based bond-yield regressions show that both the fundamentals-implied shadow rating and the agency-specific deviation …