PT  - JOURNAL ARTICLE
AU  - Jeff Jewell
AU  - Miles B Livingston
TI  - The Impact of a Third Credit Rating on the Pricing of Bonds
AID  - 10.3905/jfi.2000.319275
DP  - 2000 Dec 31
TA  - The Journal of Fixed Income
PG  - 69--85
VI  - 10
IP  - 3
4099  - https://pm-research.com/content/10/3/69.short
4100  - https://pm-research.com/content/10/3/69.full
AB  - 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.