“…A sovereign's creditworthiness as measured by credit ratings is most strongly influenced by the country's economic and political fundamentals. In the empirical literature on the determinants of credit ratings, gross domestic product (GDP) per capita, GDP growth, inflation, and external debt are found to be robust predictors (Afonso 2003;Cantor and Packer 1996;Fuchs and Gehring 2017;Hill, Brooks, and Faff 2010). Several political indicators like the political regime type, partisanship, and the rule of law have also been found to correlate with rating outcomes (Archer, Biglaiser, and DeRouen 2007).…”