robust5						
	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	guarantee	guarantee	default	default	cs1	cs1
						
AAplusXguarantee				-0.0289		-0.4038***
				(0.0250)		(0.1382)
AAXguarantee				-0.0501*		-0.5778***
				(0.0267)		(0.1172)
AAminusXguarantee				-0.0537**		-0.4841***
				(0.0268)		(0.1324)
AAplus		0.1101***		0.0185		0.8409***
		(0.0291)		(0.0184)		(0.0703)
AA		0.2064***		0.0424**		1.5604***
		(0.0347)		(0.0199)		(0.0770)
AAminus		0.4934***		0.0312		2.0599***
		(0.0448)		(0.0217)		(0.0912)
guarantee			0.0164	0.0327	0.0915	0.2710**
			(0.0171)	(0.0237)	(0.0784)	(0.1100)
lowrating	0.1146***		0.0280**		0.8153***	
	(0.0230)		(0.0142)		(0.0501)	
lowratingXguarantee			-0.0375*		-0.2642***	
			(0.0196)		(0.0863)	
Constant	1.9302***	0.6487**	-0.1296	-0.1729	7.1469***	2.0674***
	(0.2880)	(0.3286)	(0.1297)	(0.1546)	(0.6314)	(0.6556)
						
Observations	6,797	6,797	6,797	6,797	6,797	6,797
R-squared	0.1439	0.1846	0.1167	0.1177	0.5731	0.6093
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
RatingAgency	Yes	Yes				
Adjusted R-Squared	0.135	0.176	0.107	0.108	0.568	0.605
Robust standard errors in parentheses						
*** p<0.01, ** p<0.05, * p<0.1						
