Alsakka, Rasha; ap Gwilym, Owain - In: International Review of Financial Analysis 21 (2012) C, pp. 45-55
We analyse sovereign watch and outlook signals from Moody's, S&P and Fitch. Prior literature shows strong market reactions to these signals, which arguably contain more new information than rating changes. We show that the agencies' actions imply different policies: S&P has more emphasis on...