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Table 1 Credit rating distribution

From: The impact of working capital management on credit rating

S&P credit rating RATING MICRORATING No. of firm-years observations Percentage of total observations (%)
AAA 8 20 571 1.32
AA+  7 19 257 0.60
AA 7 18 1022 2.37
AA− 7 17 1203 2.79
A+  6 16 1949 4.51
A 6 15 3157 7.31
A− 6 14 2964 6.86
BBB+  5 13 3630 8.41
BBB 5 12 4507 10.44
BBB− 5 11 3197 7.40
BB+  4 10 2294 5.31
BB 4 9 3275 7.58
BB− 4 8 4188 9.70
B+  3 7 5265 12.19
B 3 6 3125 7.24
B− 3 5 1503 3.48
CCC+  2 4 570 1.32
CCC 2 3 288 0.67
CCC− 2 2 120 0.28
CC 1 1 98 0.23
Total    43,183 100
  1. The statistics in this table are based on annual panel data of U.S. listed firms from WRDS merged with CRSP/Compustat files for the period between 1985 and 2017