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WO R K I N G PA P E R S E R I E S

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Table 1 – S&P, Moody’s and Fitch rating systems and linear transformations
Table 3 – S&P, Moody’s and Fitch rating systems  Differences  in notches   S&P-Moody’s   S&P-Fitch  Moody's-Fitch  6 0  1  0  5 0  1  3  4 1  0  7  3 3  1  12  2 61  13  60  1 202  128  114  0 518  487  370  -1 161  135  123  -2 67  21  46  -3
Table 4 – Estimations for Moody’s
Table 5 – Estimations for S&P
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