TY - JOUR T1 - The Impact of a Third Credit Rating on the Pricing of Bonds JF - The Journal of Fixed Income SP - 69 LP - 85 DO - 10.3905/jfi.2000.319275 VL - 10 IS - 3 AU - Jeff Jewell AU - Miles B Livingston Y1 - 2000/12/31 UR - https://pm-research.com/content/10/3/69.abstract N2 - This article updates a study that looks at the impact of a third rating from Fitch IBCA on bond prices; it examines the impact on prices of a rating from Duff & Phelps Credit Rating Co. The empirical evidence indicates that a third credit rating from either DCR or Fitch has value to the bond market. When there is a third rating, upgrades by Moody's and Standard & Poor's are more likely and downgrades less likely. Third ratings also have an incremental impact upon bond yields. ER -