The authors attempt to predict sovereign ratings for developing countries that do not have risk ratings from agencies such as Fitch, Moody's, and Standard and Poor's. Ratings affect capital flows to developing countries through international bond, loan and equity markets. Sovereign rating also acts as a ceiling for the foreign currency rating of sub-sovereign borrowers. As of the end of 2006, however, only 86 developing countries have been rated by the rating agencies. Of these, 15 countries have not been rated since 2004. Nearly 70 developing countries have never been rated. The results indicate that the unrated countries are not always at the bottom of the rating spectrum. Several unrated poor countries appear to have a 'B' or higher rating, in a similar range as the emerging market economies with capital market access. Drawing on the literature, the analysis presents a stylized relationship between borrowing costs and the credit rating of sovereign bonds. The launch spread rises as the credit rating deteriorates, registering a sharp rise at the investment grade threshold. Based on these findings, a case can be made in favor of helping poor countries obtain credit ratings not only for sovereign borrowing, but for sub-sovereign entities' access to international debt and equity capital. The rating model along with the stylized relationship between spreads and ratings can be useful for securitization and other financial structures, and for leveraging official aid, for improving borrowing terms in poor countries.

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Two lost souls, the Moon and a death wish... Bryn, the leader of his wolf pack, is so lost in his own pain he cannot see beyond it. Freya is dying and has come home to Scotland to say goodbye. A chance encounter on the moors of Scotland brings these two lost souls together. Freya’s fate lies in Bryn’s loving hands, but he knows that to save her he must kill her. Note To My Fans - This is the extended, erotic version with new material and a preview of the sequel!

Essay from the year 2012 in the subject English Language and Literature Studies - Literature, grade: 1,0, University of Bielsko-Biała, language: English, abstract: Professor of Anglo-Saxon at Oxford University, a brilliant philologist, and a self-described "hobbit," J. R. R. Tolkien created two of the best-loved stories of the 20th century. "The Hobbit" and "The Lord of the Rings" were recently made into multiple award-winning movies by director Peter Jackson for New Line Cinema. Is Tolkien a genius, a visionary ? This paper will figure it out by tracing Tolkien's biography and determining his influence on the generations of readers and viewers that followed him.

Playboy Playmate Carrie Stevens broke all the rules. She did everything "nice girls" are not supposed to do. While not unscathed, she is still standing. Her story is more than that of survival, it is a quest for what matters most in life.

This jargon-busting book shows how bond & money markets work & how they impact on everyday life. · Understand terms & products · Explore types of markets & their functions · Discover factors influencing market prices · Learn how fluctuations can affect your money strategies