Articles by Frank Gill

Why S&P Lowered Russia's Rating

Sovereign credit analysts endeavor to "rate through the cycle." This means taking a long-term view on the creditworthiness of a national economy, regardless of whether total output is growing above or below its potential, or of any temporary decrease or increase in the borrowing needs of a government or the broader economy. This approach works well during ordinary times, but it is not entirely sufficient during extraordinary ones.