Further Colombian ratings downgrades look likely

2021 ◽  
Keyword(s):  
Content Type ◽  
Rating Downgrades

Headline COLOMBIA: Further rating downgrades look likely

PiS policy shift puts Polish markets under strain

2016 ◽  
Keyword(s):  
Financial Markets ◽  
Foreign Currency ◽  
Monetary Policies ◽  
Government Bonds ◽  
Content Type ◽  
Local Currency ◽  
Policy Shift ◽  
Law And Justice ◽  
Rating Downgrades ◽  
High Share

Significance However, the unexpected downgrade of Poland by Standard & Poor's (S&P) on January 15 has focused attention on the financial and economic policy stance of the Law and Justice (PiS) government, in particular, the party's plans for a Hungarian-style forced conversion of foreign currency (FX)-denominated mortgages in local currency contracts. Poland's equity markets have fallen sharply, although the zloty and local government bonds are proving more resilient, despite coming under increasing pressure. Impacts The threat is looming over Poland of further rating downgrades if the credibility of its fiscal and monetary policies is undermined. Emerging Europe's high share of FX-denominated debt, particularly in the south-east, might be a source of financial vulnerability. Non-resident investors are still purchasing Poland's domestic bonds and may even be attracted by the recent rise in yields. CEE's negligible trade linkages with China and favourable status as an oil importer put its financial markets among the most resilient EMs.

Low oil prices set to accelerate Gulf subsidy reform

2015 ◽  
Keyword(s):  
Oil And Gas ◽  
Credit Rating ◽  
Government Expenditure ◽  
Oil Prices ◽  
Sharp Drop ◽  
Capital Projects ◽  
Content Type ◽  
Near Term ◽  
Rating Downgrades ◽  
Personal Incomes

Significance The sharp drop in oil prices to around 50 dollars, half their average level last year, has forced a serious fiscal rethink among the six Gulf Cooperation Council (GCC) states, who are heavily dependent on oil and gas exports. Following a decade of high oil prices, and a widespread assumption that prices would remain above 100 dollars, government expenditure has become bloated, with generous salaries and subsidies, and ambitious capital projects. Impacts Companies competing for government tenders are likely to face greater scrutiny over costs. Consumer-facing companies will be less seriously affected, given the likely limited impact on personal incomes in the near term. Bahrain and Oman could suffer credit rating downgrades. Stability in other GCC states is unlikely to be affected due to the protection of citizen benefits. Saudi Arabia will provide Bahrain with financial support if the fiscal squeeze weakens stability there.

The impact of market sectors and rating agencies on credit ratings: global evidence

2019 ◽  
Vol 20 (5) ◽  
pp. 389-410
Author(s):  
Kerstin Lopatta ◽  
Magdalena Tchikov ◽  
Finn Marten Körner
Keyword(s):  
Credit Risk ◽  
Credit Rating ◽  
Credit Ratings ◽  
Content Type ◽  
Rating Agencies ◽  
Credit Rating Agency ◽  
Rating Agency ◽  
Investment Grade ◽  
The Impact ◽  
Rating Downgrades

Purpose A credit rating, as a single indicator on one consistent scale, is designed as an objective and comparable measure within a credit rating agency (CRA). While research focuses mainly on the comparability of ratings between agencies, this paper additionally questions empirically how CRAs meet their promise of providing a consistent assessment of credit risk for issuers within and between market segments of the same agency. Design/methodology/approach Exhaustive and robust regression analyses are run to assess the impact of market sectors and rating agencies on credit ratings. The examinations consider the rating level, as well as rating downgrades as a further measure of empirical credit risk. Data stems from a large global sample of Bloomberg ratings from 11 market sectors for the period 2010-2018. Findings The analyses show differing effects of sectors and agencies on issuer ratings and downgrade probabilities. Empirical results on credit ratings and rating downgrades can then be attributed to investment grade and non-investment grade ratings. Originality/value The paper contributes to current finance research and practice by examining the credit rating differences between sectors and agencies and providing assistance to investors and other stakeholders, as well as researchers, how issuers’ sector and rating agency affiliations act as relative metrics.

EM corporate debt is key risk to global markets

2015 ◽  
Keyword(s):  
Financial Stability ◽  
Credit Rating ◽  
Economic Conditions ◽  
Global Markets ◽  
Corporate Debt ◽  
Bond Markets ◽  
Content Type ◽  
Default Rates ◽  
Debt Market ◽  
Rating Downgrades

Significance The IMF's warning, contained in its Global Financial Stability Report (GFSR), shows concerns for the vulnerabilities posed by the build-up of EM corporate debt, especially dollar-denominated debt, which is at risk from local currencies' depreciation, the commodity sell-off and the deterioration in economic conditions across much of the developing world. Impacts EM bond markets will be more resilient than foreign exchange and equity markets, which are suffering from large sell-offs. Although EM corporate debt market-default rates remain low compared to the 1990s, credit rating downgrades will outweigh upgrades. Emerging Asia will remain the most resilient EM corporate debt market thanks to the stronger credit fundamentals of its corporates.

Negative Brazil outlook may see new rating downgrades

2020 ◽  
Keyword(s):  
Content Type ◽  
Rating Downgrades

Headline BRAZIL: Negative outlook may see new rating downgrades

The effect of credit rating downgrades along the supply chain

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dallin M. Alldredge ◽  
Yinfei Chen ◽  
Steve Liu ◽  
Lan Luo
Keyword(s):  
Supply Chain ◽  
Least Squares ◽  
Information Transfer ◽  
Credit Rating ◽  
Abnormal Returns ◽  
Ordinary Least Squares ◽  
Transfer Effects ◽  
Equity Prices ◽  
Content Type ◽  
Rating Downgrades

Purpose This study aims to examine the information transfer effects of customers’ credit rating downgrades on supplier firms. Design/methodology/approach In this study, the authors use suppliers’ cumulative abnormal returns around customers’ credit rating downgrade events to identify how shocks to customer credit impact supplier equity prices. The authors also incorporate ordinary least squares and weighted least squares regressions regression analysis of the determinants of supplier market response to customer downgrades. Findings The authors find that customer credit rating downgrades present significant negative shocks to the stock prices of supplier firms. Moreover, the authors show that the information transfer effects are determined by both firm- and industry-level factors, including the market anticipation of downgrades, the strength of the customer–supplier linkage, the industry rivals’ reactions to the downgrades and investor attention. The authors also find that the likelihood that a supplier will receive a rating downgrade is significantly higher following its primary customer firm’s downgrade. Originality/value To the best of the authors’ knowledge, this paper is the first to explore the information transfer effects of credit rating downgrades on primary stakeholders within the supply chain. The authors document that customer–supplier networks have valuable implications for the spillover effect across debt and equity holders. Information about customers’ financial stress is incorporated into suppliers’ equity prices outside of the context of customer bankruptcy.

The More Control, the Better?

2014 ◽  
Vol 26 (2) ◽  
pp. 81-91 ◽  
Author(s):  
Jeeyun Oh ◽  
Mun-Young Chung ◽  
Sangyong Han
Keyword(s):  
Mixed Design ◽  
Negative Effects ◽  
Story Structure ◽  
Content Type ◽  
High User ◽  
User Control ◽  
Rigorous Research ◽  
Control Versus ◽  
The Media ◽  
The Impact

Despite of the popularity of interactive movie trailers, rigorous research on one of the most apparent features of these interfaces – the level of user control – has been scarce. This study explored the effects of user control on users’ immersion and enjoyment of the movie trailers, moderated by the content type. We conducted a 2 (high user control versus low user control) × 2 (drama film trailer versus documentary film trailer) mixed-design factorial experiment. The results showed that the level of user control over movie trailer interfaces decreased users’ immersion when the trailer had an element of traditional story structure, such as a drama film trailer. Participants in the high user control condition answered that they were less fascinated with, absorbed in, focused on, mentally involved with, and emotionally affected by the movie trailer than participants in the low user control condition only with the drama movie trailer. The negative effects of user control on the level of immersion for the drama trailer translated into users’ enjoyment. The impact of user control over interfaces on immersion and enjoyment varies depending on the nature of the media content, which suggests a possible trade-off between the level of user control and entertainment outcomes.

GREEN OPEN ACCESS IN KENYA: A REVIEW OF THE CONTENT, POLICIES AND USAGE OF INSTITUTIONAL REPOSITORIES

Mousaion ◽  
2016 ◽  
Vol 33 (3) ◽  
pp. 25-54
Author(s):  
Wanyenda Leonard Chilimo
Keyword(s):  
Developing Countries ◽  
Open Access ◽  
Descriptive Study ◽  
Google Scholar ◽  
Research Institutions ◽  
Journal Articles ◽  
Content Type ◽  
Institutional Repositories ◽  
Current State ◽  
Theses And Dissertations

 There is scant research-based evidence on the development and adoption of open access (OA) and institutional repositories (IRs) in Africa, and in Kenya in particular. This article reports on a study that attempted to fill that gap and provide feedback on the various OA projects and advocacy work currently underway in universities and research institutions in Kenya and in other developing countries. The article presents the findings of a descriptive study that set out to evaluate the current state of IRs in Kenya. Webometric approaches and interviews with IR managers were used to collect the data for the study. The findings showed that Kenya has made some progress in adopting OA with a total of 12 IRs currently listed in the Directory of Open Access Repositories (OpenDOAR) and five mandatory self-archiving policies listed in the Registry of Open Access Repositories Mandatory Archiving Policies (ROARMAP). Most of the IRs are owned by universities where theses and dissertations constitute the majority of the content type followed by journal articles. The results on the usage and impact of materials deposited in Kenyan IRs indicated that the most viewed publications in the repositories also received citations in Google Scholar, thereby signifying their impact and importance. The results also showed that there was a considerable interest in Swahili language publications among users of the repositories in Kenya.

Motivating Exercise Through Social Media: Is a Picture Always Worth a Thousand Words?

2018 ◽  
Author(s):  
Caitlyn Johnston ◽  
William E. Davis
Keyword(s):  
Social Media ◽  
Individual Differences ◽  
Experimental Design ◽  
Health Behaviors ◽  
Media Content ◽  
Exercise Motivation ◽  
Positive Health ◽  
Content Type ◽  
Within Subjects

In the present study, we examined how the influence of exercise-related social media content on exercise motivation might differ across content type (with images vs. without images) and account type (individual vs. corporate). Using a 2 × 2 within-subjects experimental design, 229 participants viewed a series of 40 actual social media posts across the four conditions (individual posts with images, corporate posts with images, individual posts without images, and corporate posts without images) in a randomized order. Participants rated the extent to which they felt each social media post motivated them to exercise, would motivate others to exercise, and was posted for extrinsic reasons. Participants also completed other measures of individual differences including their own exercise motivation. Posts with images from individuals were more motivating than posts with images from corporations; however, corporate posts without images were more motivating than posts without images from individuals. Participants expected others to be similarly motivated by the stimuli, and perceived corporate posts as having been posted for more extrinsic reasons than individuals’ posts. These findings enhance our understanding of how social media may be used to promote positive health behaviors.

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