Publication Date
1-1-1982
Abstract
The market has devised a more detailed public utility commercial paper rating scherre than presently exists at the major rating bureaus. This stuiy identifies the key financial variables that contribute to market rating differences. A multiple discriminant model is developed that employs these variables to replicate not only agency ratings, but also the more precise market ratings. The empirical results verify the contention that public utility paper issuers can be effectively classified into more distinct quality categories than are currently provided by the agency raters.
Document Type
Article
Keywords
market ratings, public utilities, securities, commercial paper, yields
Disciplines
Business
Part of
article
Extent
33 pages
Format
Rights
The files in this collection are protected by copyright law. No commercial reproduction or distribution of these files is permitted without the written permission of Southern Methodist University, Cox Business School. These files may be freely used for educational purposes, provided they are not altered in any way, and Southern Methodist University is cited. For more information, contact ncds@smu.edu.
Language
English
