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Rating Migration of Corporate Bonds: Comparative Results and Investor/Lender Implication

Edward I., Altman
NYU Faculty Digital Archive · Papers
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multidisciplinary
Bond ratings are usually first assigned by rating agencies to public debt at the time of issuance and are periodically reviewed by the rating companies. If deemed warranted, changes in ratings are assigned after the review. A change in a rating reflects the agency’s assessment that the company’s cre
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