Resumen: The influence of rating announcements on corporate debt market trading has been previously overlooked. Based on an event study, we examine the effects of the three types of announcements provided by credit rating agencies on abnormal trading volume and trading frequency in the Spanish corporate debt market. Additionally, by means of cross-section regressions, we establish what factors determine the sign and intensity of the trading
reactions. The presented results indicate that factors related to the characteristics of the rating announcement, the issuing company and the economic environment are relevant in light of several hypotheses.
Palabras clave: Rating agencies, Rating announcementes, Trading volume, Trading frequency
Descriptores: Mass media; Communication; History of the Journalism; Multimedia; Globalization; Journalistic Company;; Medios de Comunicación; Historia del Periodismo; Multimedia; Globalización; Empresa Periodística;