The name is absent



Appendix 2 - Countries and years in most extensive rating sample

Country

Years

Obs.

Country

Years

Obs.

_________Country_______

Years

Obs.

Andorra

4

4

Greece

19

42

Nicaragua

9

9

Argentina

21

45

Grenada

5

5

Nigeria

1

2

Aruba

5

5

Guatemala

10

17

Norway

32

73

Australia

36

79

Honduras

8

8

Oman

11

21

Austria

32

75

Hong Kong

21

56

Pakistan

13

26

Azerbaijan

7

7

Hungary

15

34

Panama

10

29

Bahamas

10

14

Iceland

18

43

Papua New Guinea

9

25

Bahrain

11

23

India

17

32

Paraguay

11

20

Barbados______

12

20

Indonesia______

15

38

Peru___________________

10

26

Belgium

19

51

Iran

5

5

Philippines

14

36

Belize

8

15

Ireland

20

52

Poland

12

36

Benin

4

7

Isle of Man

7

7

Portugal

21

53

Bermuda

13

38

Israel

19

43

Qatar

11

19

Bolivia

9

21

Italy

21

53

Romania

11

32

Bosnia and

Herzegovina

3

3

Jamaica

8

13

Russia

11

33

Botswana

6

12

Japan

31

70

San Marino

6

6

Brazil

21

47

Jordan

12

23

Saudi Arabia

11

18

Bulgaria_________

11

29

Kazakhstan

11

33

Senegal_______________

7

7

Burkina Faso

3

3

Korea

19

39

Serbia

3

5

Cameroon

4

8

Kuwait

12

33

Singapore

18

45

Canada

36

85

Latvia

10

27

Slovakia

13

33

Cape Verde

4

4

Lebanon

10

30

Slovenia

11

33

Chile

15

36

Lesotho

5

5

South Africa

13

39

China

19

43

Liechtenstein

11

11

Spain

19

51

Colombia

14

41

Lithuania

11

31

Sri Lanka

2

4

Cook Islands

10

10

Luxembourg

18

44

Suriname

8

14

Costa Rica______

10

29

Macao_______

10

10

Sweden_____________

30

61

Croatia

10

30

Macedonia

3

5

Switzerland

26

58

Cuba

8

8

Madagascar

3

3

Taiwan

18

37

Cyprus

13

27

Malawi

4

4

Thailand

18

45

Czech Republic

14

40

Malaysia

21

48

Trinidad and Tobago

14

25

Denmark

36

75

Mali

3

6

Tunisia

12

22

Dominican

Republic

10

22

Malta

13

37

Turkey

15

43

Egypt

10

26

Mauritius

11

11

Turkmenistan

10

10

El Salvador

11

32

Mexico

17

44

Uganda

2

2

Ecuador_______

10

22

Moldova______

10

19

Ukraine_________________

9

21

Estonia

10

25

Mongolia

8

10

United Arab Emirates

11

11

Fiji Islands

8

8

Montenegro

3

3

United Kingdom

29

71

Finland

30

73

Montserrat

3

3

United States of America

37

86

France

32

60

Morocco

9

17

Uruguay

14

39

Gambia

5

5

Mozambique

4

7

Venezuela

30

60

Georgia

2

2

Namibia

2

2

Vietnam

5

12

Germany

24

58

Netherlands

21

52

Ghana________

4

8

New Zealand

37

73

Note: For instance, for 2005 the total number of rated countries was 130 (Fitch, 98; S&P, 110; Moody's, 98).

Countries with 3 ratings: 78.

59



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