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Browse Articles by "Finance"
Title: An Analysis of Defaults of Long-term Rated Debts
Authors: Suveera Gill - -
Issue/Year: Jan-2005
Section: Research
Abstract: This paper tests the rating histories and default experience on long-term debt instruments rated by ICRA across five sectors between April 1995 through March 2002. Data shows that the maximum number of defaults were in the manufacturing sector. The default experience of various companies bears the fact that the period with highest defaults, i.e., 1995-1999, coincides with poor economic conditions and a high interest rate regime in India. The analysis suggests that ICRA has not been fully successful in performing its functions of proper surveillance and providing timely and complete information about the companies rated by them.
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