Table 1: Baseline Results		
	(1)	(2)
VARIABLES	program	program
		
issuerratingXguarantee		-0.0218*
		(0.0126)
guarantee	0.0260**	0.0714***
	(0.0102)	(0.0264)
ississuerrating_value	-0.0182*	-0.0119
	(0.0108)	(0.0119)
Constant	0.9081***	0.9094***
	(0.2446)	(0.2443)
		
Observations	6,790	6,790
R-squared	0.2629	0.2633
Controls	Yes	Yes
Province FE	Yes	Yes
Industry FE	Yes	Yes
Year FE	Yes	Yes
RatingAgency FE	Yes	Yes
Adjusted R-Squared	0.255	0.255
Robust standard errors in parentheses		
*** p<0.01, ** p<0.05, * p<0.1		
