Journal of Economics and Business

ISSN 2615-3726 (Online)

ISSN 2621-5667 (Print)

Published: 23 May 2019

The Visegrád Group Countries’ Ratings – Do the Credit Rating Agencies Make the Decisions Independently or Piggyback Themselves?

Paweł Niedziółka

Warsaw School of Economics, Poland

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Pages: 306-333

Keywords: Rating, Credit Rating Agency, Sovereign Debt, Visegrad Group, Piggybacking


The paper addresses a few questions connected with actions taken by main CRAs in relation with ratings of Visegrad Group Countries. In particular it focuses on settlement: If all CRAs are independent or follow the opinions of their competitors, whether there is one leader that in case of all analyzed countries as the first one communicates change of its opinion or at least the frequency of being the leader in all countries is the biggest, if there is relation between the behavior of the respective credit rating agency and number of rating actions taken by this agency.


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