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 |