Japan, Taiwan, Korea, and China: Different Ratings, Same Fate?

Standard Poor's rates both Japan and Taiwan 'AA' references throughout refer to long-term foreign currency issuer credit ratings. Both ratings have a negative outlook. The Republic of Korea South Korea, referred to here as Korea is rated 'BBB', the People's Republic of China China, 'BBB'. Both of those ratings have a stable outlook.

The single variable that has the most explanatory power for these ratings is per capita GDP. Even adjusting for purchasing power, Japan and...

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