Krämer, Walter; Güttler, André - Institut für Wirtschafts- und Sozialstatistik, … - 2003
We consider 1927 borrowers from 54 countries who had a credit rating by both Moodys and S&P as of the end of 1998, and their subsequent default history up to the end of 2002. Viewing bond ratings as predicted probabilities of default, we show that it is unlikely that both agencies are well...