Vivian van Breemen

182 Abstract Mi n ov er es t itghaatne wa hdeot zheenr cyreeadrist raaf tt ienr g tshdei f Df eor df do -r Ftrhaen kU SArcet s ihdaesn tbi ea el nm oi nr tt rgoadg ue -cbe adc, kwe de st he ec uUr Si t iset sa t(eRsM. OBuSr) pmaaprekre pt rgoi vvei dn etsh tehdr ei fef erreesnut l tl es .v Fe il rs sot f, fcorre dt hi teo rp eprriootde c2t0i o1n7 -a2c 0r o2s0s, wa ned pMr oo voiddye’ sewv iedoe bn sc ee r tvheatth taht et hr ee iirs c irnecdoi tn rsai st ti ne ng sc yd ibf feetrwf oe re ns eCc uR rAi tsi:z oa nt i loynf torra nDcBhRe Ss with different creditor protection level per state. Second, in states with higher creditor protection, the relatively new CRAs (DBRS and KBRA combined) are mt h oe rrea tl ii knegl ymtaor kper to (vMi doeomd yo’rse, So&pPt ,i ma ni sdt iFci trcaht i)n. Tg sh itrhda, ni sCs uReArss haips pt oerairc at ol l yi sps ur eesleanr tg ei nr deals in US states that are more creditor friendly. Keywords: creditor friendliness, credit rating agencies, issuers. JEL classifications: G21, G24, G28, K25.

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