robust4					
	(1)	(2)	(3)	(4)	(5)
VARIABLES	guarantee	default	default	cs1	cs1
					
issuerratingXguarantee			0.0272**		0.1446***
			(0.0122)		(0.0461)
ississuerrating_value	-0.1692***	-0.0020	-0.0100	-0.6333***	-0.6758***
	(0.0177)	(0.0073)	(0.0088)	(0.0326)	(0.0347)
guarantee		-0.0130	-0.0666***	-0.2194***	-0.5052***
		(0.0089)	(0.0233)	(0.0367)	(0.0970)
Constant	1.2642***	-0.0591	-0.0547	2.9339**	2.9574**
	(0.4032)	(0.2797)	(0.2808)	(1.1525)	(1.1536)
					
Observations	6,795	6,795	6,795	6,795	6,795
R-squared	0.3423	0.3152	0.3167	0.7173	0.7184
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	Yes				
Adjusted R-Squared	0.221	0.189	0.190	0.665	0.666
RatingAgency FE		Yes	Yes	Yes	Yes
Robust standard errors in parentheses					
*** p<0.01, ** p<0.05, * p<0.1					
