IV					
	(1)	(2)	(3)	(4)	(5)
	second	first	second	second	second
VARIABLES	default	guarantee	default	cs1	cs1
					
guarantee	-0.0882***		-0.1893***	0.0828	-0.9331***
	(0.0232)		(0.0471)	(0.1411)	(0.2181)
ississuerrating_value	-0.0197***	-0.0411**	-0.0328***	-0.6063***	-0.7388***
	(0.0076)	(0.0163)	(0.0107)	(0.0351)	(0.0472)
peergua		0.8096***			
		(0.0535)			
issuerratingXguarantee			0.0663***		0.6663***
			(0.0233)		(0.1246)
Constant	0.0022	0.2835	-0.0376	5.1256***	4.7265***
	(0.1360)	(0.2765)	(0.1356)	(0.6138)	(0.6801)
					
Observations	6,797	6,797	6,797	6,797	6,797
R-squared	0.0922		0.1051	0.5944	0.5399
Controls	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
RatingAgency FE	Yes	Yes	Yes	Yes	Yes
Adjusted R-Squared	0.0825		0.0954	0.590	0.535
Robust standard errors in parentheses					
*** p<0.01, ** p<0.05, * p<0.1					
