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| Author: | Bae, S. Klein, D. |
| Title: | Further evidence on corporate bonds with event-risk covenants: inferences from standard and Poor's and Moody's bond ratings |
| Journal: | Quarterly Review of Economics and Finance
1997 : FALL, VOL. 37:3, p. 709-724 |
| Index terms: | RISK BONDS ECONOMICS |
| Language: | eng |
| Abstract: | This study considers potential differences in the appraisal of event-risk covenats by the two rating agencies, S&P and Moody's. While S&P supplements its traditional bond ratings with event-risk covenant ratings, Moody'smincorporates its judgment of these covenants directly into its bond ratings. Hence, for the same bond with event-risk covenants, the ratings provided by the two agencies could, in fact, be different. The results show that, on average, Moody's rates bonds with eventual covenants higher than S&P. |
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