title: Understanding sovereign credit ratings: Text-based evidence from the credit rating reports
abstract: We apply a novel approach to identifying the qualitative judgment of the rating committee in sovereign credit ratings by extending the traditional regression with new measures - sentiment and subjectivity scores - obtained by textual sentiment analysis methods. Using an ordered logit with random effects for 98 countries from 1995 to 2018, we find evidence that the subjectivity score provides additional information not captured by previously identified determinants of sovereign credit ratings, ev
journal: Journal of International Financial Markets Institutions and Money