The Determinants of Brazilian Banks' Credit Rating Levels

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Fabiano Guasti Lima
Camila Veneo C. Fonseca
Rodrigo Lanna Franco Silveira
Alexandre Assaf Neto


The purpose of this study is to identify the determinants of listed Brazilian banks' credit ratings during the period 2006-2015. We applied an ordered logistic model, using an unbalanced panel. Results show evidence that profitability, liquidity, asset adequacy and quality, and size variables significantly affect bank credit-rating levels. Findings also suggested that credit ratings trended down, which could be explained by the significant contraction of economic activity in Brazil during the period.


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Lima, F. G., Fonseca, C. V. C., Silveira, R. L. F., & Assaf Neto, A. (1). The Determinants of Brazilian Banks’ Credit Rating Levels. Journal of Contemporary Administration, 22(2), 178-200.