RT Journal Article SR Electronic T1 Local versus Foreign Currency Ratings JF The Journal of Fixed Income FD Institutional Investor Journals SP 65 OP 76 DO 10.3905/jfi.2001.319293 VO 11 IS 1 A1 Lourdes TreviƱo YR 2001 UL https://pm-research.com/content/11/1/65.abstract AB The authors examine the statistical determinants of transfer risk using probit estimation and an extensive data set of over 300 sovereign ratings given by the leading rating agencies between 1992 and 1997. Both macroeconomic and balance sheet variables are found to be important, and regional and rating agency biases are present. The models both within and out-of-sample perform well and produce a close relationship with the variables predicting currency crises.