Determining the Differences in the Impacts of Factors Affecting Sovereign Credit Rating: A Case Study of Developing ASEAN and Developed Countries

The paper uses the ordered logit regression model on table data to determine the differences in the impact of factors affecting the sovereign credit ratings of ASEAN developing countries compared to other developed countries. The results show that the impact of the macroeconomic indicators on the sovereign credit ratings in ASEAN developing countries decreases in comparison to the impact of factors in developed countries. Besides on that, there is no difference in the impact of the factors demonstrates the efficiency of governance on sovereign credit ratings in developing ASEAN countries compared to developed countries.