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- Title
Determinantes de Ratings Corporativos no Setor de Petróleo: o Caso da Petrobrás.
- Authors
Bone, Rosemarie Bröker
- Abstract
Since the 1990s, the integration of international financial markets brought with it the use of risk measurement tools to developing countries, such as credit ratings. These ratings are a requirement for the Oil and Gas industry firms financing. Rating agencies state that they provide a sinthetic indicator of inside information they have access to, while their critics argue that ratings merely reflect publicly available information, they are predictable and should be considered useless. This paper specifies an orded logit rating forecast model using only economic and financial indicators using publicly available balance sheet data. The model selected is able to forects most of PETROBRÁS ratings, using only two indicators. The results suggest that ratings are predictable and that their informational content seems limited.
- Subjects
FINANCIAL markets; CORPORATE ratings; CREDIT ratings; PETROLEUM industry; MARKETING research; RATING agencies (Finance)
- Publication
RAC - Eletrônica, 2007, Vol 1, Issue 3, p107
- ISSN
1981-5700
- Publication type
Article