No.PZ2020011303000106

问题如下：

The reason for upward bias of sovereign risk ratings is？

选项：

The conflict of interest of issuer payment.

The agencies take too long to change ratings, and that these changes happen too late to protect investors from a crisis.

The data that the agencies use to rate sovereigns generally come from the governments . Not only are there wide variations in the quantity and quality of information across governments but there is also the potential for governments holding back bad news and revealing only good news .

Once a market is in crisis, there is perception that ratings agencies sometimes overreact and lower ratings too much, thus creating a feedback effect that makes the crisis worse.

解释：

C is correct

考点：External Rating

解析：

A选项：发行人付费的利益冲突是在公司评级中有的问题，主权评级没有这个问题；B选项： 改变评级要花太长时间，而这些改变为时已晚，无法保护投资者免受危机的影响，这是评级机构评级的一个缺点，但不是评级高估的原因；D选项：一旦市场陷入危机，评级机构有时会过度反应，过度降低评级，从而使危机恶化，这也是评级机构评级的一个缺点，但不是评级高估的原因。

C选项：评估主权的机构使用的数据通常来自政府。不仅政府间信息的数量和质量存在很大差异，而且政府也有可能隐瞒坏消息，只披露好消息。这可以解释主权评级的高估的原因。