Credit ratings of corporations are biased, but the forces driving this bias are unclear. We locate that an exogenous drop in analyst coverage leads to greater optimism-bias in ratings, especially for firms with small bond analyst coverage and those that are close to default. This coverage-induced shock leads to much https://edgar987mz.thelateblog.com/20527912/warning-signs-on-small-personal-loan-you-need-to-know