Shadow sovereign Rating by Otaviano Canuto, Sanket Mohapatra & Dilip Ratha published by World Bank. “Sovereign rating not only are important for attracting private capital flows, but also act as widely available and international comparable indicators of a country’s fiscal performance. This premise presents an exercise to predict ´shadow`sovereign ratings to estimate where unrated countries would lie on the credit spectrum if they were rated. Contrary to popular perception, unrated countries are not necessarily at the bottom of the rating spectrum.”
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