Ratings have deteriorated but this is because many countries have gained access to international debt markets. As the economist explains: "Last year there were 108 sovereign issuers; in 1983 there were only 14, all investment grade. By 1995 the proportion of issuers with investment grades had slipped to 78% and the share with Moody’s top mark, Aaa, had fallen from three-quarters to one-fifth."
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