Public Debentures

These debentures had been classified by type of institution, so that it was possible to identify to all those for financial institutions. The classification of financial institutions was made in accordance with the MNI, Manual of Norms and Instructions of the Central banking, described in (RICHNESS, 2010), p.27. After the delimitation of the debentures to be studied, they had been consulted one to one in the site of (AMBIMA, 2011), where the Characteristics of the Public Debentures had been consulted, documents with the specific details of each debenture emitted in Brazil. The following data had been written down: emitting agency of rating, score, the percentage of the paid interests/spread and the prize and the type of remuneration.

As each agency possesss a nomenclature for score, they had been reclassified in accordance with the summarized definition, as picture below. In this way it is had same base, what it makes possible comparisons. The table was summarized to contain only the classification of high credibility, therefore debentures with rating of speculative degree had not been emitted. These compiled data had been the base of tables organized for the analysis of the information. Picture 1? Notes of credit Source: Adapted of PASCOARELLI (2007, P. 45) 4DISCUSSO OF the RESULTS 4.1CUSTO FOR RATING the first done analysis was if it has direct relation between rating granted and the emission cost.

For this three 0 variable in relation had been taken in consideration to score: the type of remuneration, the interests/spread and the prize. As no debenture emitted for financial institutions in the delimited period it paid prize, this was excluded from the comparison spread sheet. In the analyzed cases it has classified debentures as ‘ ‘ High Qualidade’ ‘ ‘ ‘ Highest Quality (Maximum Security) ‘ ‘.

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