The name is absent



Table 13 (Cont.) - Ordered Probit (robust standard errors)

__________Moody’s__________

__________S&P_________

________________Fitch_______________

(1)

(2)

(3)

(4)

(5)

(6)

Constant

3.97

3.63

5.08

2.93

4.12

6.76

Cut1

1.00

1.00

1.00

1.00

1.00

1.00

Cut2

1.79

1.77

1.73

1.74

2.14

2.12

Cut3

2.66

2.63

2.65

2.69

2.87

2.85

Cut4

3.49

3.43

3.21

3.28

3.72

3.68

Cut5

3.99

3.89

3.92

4.00

4.27

4.23

Cut6

4.60

4.49

4.91

4.98

5.22

5.17

Cut7

5.47

5.39

5.72

5.78

6.30

6.17

Cut8

6.78

6.63

6.90

6.99

7.51

7.30

Cut9

7.50

7.35

7.80

7.89

8.32

8.06

Cut10

8.27

8.08

8.33

8.42

9.00

8.76

Cut11

9.04

8.81

9.61

9.69

10.50

10.30

Cut12

9.61

9.36

10.60

10.58

11.39

11.15

Cut13

10.18

9.90

11.18

11.07

11.45

11.19

Cut14

10.72

10.39

11.46

11.32

12.26

11.93

Cut15

11.50

11.12

12.22

11.99

13.24

12.89

Cut16______________

_______12.07

11.68

13.32

13.02

13.82

13.46

LogPseudoLik

-704.56

-727.14

-743.14

-755.25

-602.85

-614.66

Pseudo R2

0.500

0.490

0.495

0.488

0.504

0.495

Countries

66

66

65

65

58

58

Observations________

________551

557

564

565

480

481

Equal differences$

Jump&

12.97 (0.529)

13.21 (0.510)

32.22 (0.004)
[13-14]

14.31 (0.352)

38.33 (0.001)
[13-14]

15.32 (0.288)

139.81 (0.000)
[12-13]
14.01 (0.373)

182.87 (0.000)
[12-13]
12.30 (0.504)

Notes: The t statistics are in parentheses. *, **, *** - statistically significant at the 10, 5, and 1 per cent $The null is that the differences
between categories is equal for all categories. The test statistic is to be compared to a Qui-Square with 14 degrees of freedom. & The null is
that the differences between categories is equal for all categories except for the identified jump. The test statistic is to be compared to a Qui-
Square with 13 degrees of freedom. The p-value is in brackets.

The correspondence between the ratings, R, and the cut-off points is specified below:

' BBB +

if

c10 >Rit >c9

BBB

if

c >R*>c

' AAA         if        Rit * > c16

9it        8

*

AA +         if   C16 > Rtt * > C15

BBB-

if

c8>Rit >c7

AA            if   C15 > Rtt * > C14

BB +

if

c7>Rit >c6

R., = ■

AA -         if   C14 > Rt, * > C13               p

Rif = ^

BB

if

c6> Rit* >c5

it

A +          if   C13 > R, > C12                 it

BB -

if

c5> Rit* >c4

A            if   C12 > Rtt * > C11

B+

if

c4> Rit* >c2

A -           if   C11 > Rit * > C10

B

if

c3> Rit* >c2

I

B -

if

c2>Rit * >c1

< CCC +

.if

c1 >Rit *

46



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