robust2					
	(1)	(2)	(3)	(4)	(5)
VARIABLES	guarantee	default	default	cs1	cs1
					
issuerratingXguarantee			0.0234***		0.1834***
			(0.0089)		(0.0393)
ississuerrating_value	-0.1621***	-0.0075	-0.0143*	-0.6569***	-0.7102***
	(0.0146)	(0.0063)	(0.0076)	(0.0279)	(0.0299)
guarantee		-0.0132	-0.0620***	-0.2292***	-0.6126***
		(0.0082)	(0.0196)	(0.0345)	(0.0880)
exchange	-0.0013	0.0002	0.0000	-0.0067*	-0.0078**
	(0.0022)	(0.0003)	(0.0003)	(0.0037)	(0.0037)
Constant	0.9542***	-0.0695	-0.0709	5.4233***	5.4125***
	(0.2786)	(0.1344)	(0.1343)	(0.5871)	(0.5854)
					
Observations	6,797	6,797	6,797	6,797	6,797
R-squared	0.1731	0.1149	0.1166	0.6043	0.6070
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	0.164	0.105	0.107	0.600	0.603
Robust standard errors in parentheses					
*** p<0.01, ** p<0.05, * p<0.1					
