De, Prabal K.Ratha, DilipMohapatra, Sanket2012-03-302012-03-302011World Development0305750Xhttps://hdl.handle.net/10986/4862We 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 are important in determining the volume and cost of 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 and can be important for their access to international debt and equity capital. We generate shadow ratings for several developing countries that have never been rated and find that unrated countries are not always at the bottom of the rating spectrum. Several of them are projected to have a "B" or higher rating, in a similar range to that of the emerging market economies with capital market access.ENInternational Lending and Debt Problems F340Investment BankingVenture CapitalBrokerageRatings and Ratings Agencies G240Economic Development: Financial MarketsSaving and Capital InvestmentCorporate Finance and Governance O160International Linkages to DevelopmentRole of International Organizations O190Socialist Institutions and Their Transitions: Financial Economics P340Journal ArticleWorld Bank