@article{oai:osu.repo.nii.ac.jp:00001972,
 author = {大東, 辰起 and OOHIGASHI, Tatsuki},
 issue = {3},
 journal = {大阪産業大学経済論集, OSAKA SANGYO UNIVERSITY JOURNAL OF ECONOMICS},
 month = {Jun},
 note = {Private sector funding was used in the government’s economic stimulus package after the
collapse of the Bubble economy （1991-1993）. As a result, outstanding local bonds increased,
and differentials expanded due to erosion of borrower credibility in the market.
　 In March 1999, Japan Rating and Investment Information Inc. reported for the first time the
Japanese municipal bond rating. In November 2006, Yokohama City obtained R & I. With
this Japan has rapidly facilitated the use of municipal bond rating. Accordingly, much previous
research has predicted that the acquisition of municipal bond rating will increase. However,
this is not the case at present.
　Here the municipal bond rating is examined, and the following three issues are discussed.
The first is the relationship between implicit security and municipal bond rating. I show that
for local governments ratings are not essential, because of the macro and micro revenue
protection under the Ministry of Internal Affairs. The second is that municipal bond ratings
done for local governments do not properly reflect financial benchmarks, resulting in a lack
of confidence for these ratings. The third is that investor’s trust in municipal bond rating is
questionable.
　The discussion clarifies the need for rating companies to disclose accurate information,
and the necessity for dialogue with the parties concerned for higher evaluation from local
governments and investors.},
 pages = {35--63},
 title = {自治体財政と地方債格付けの動向─勝手格付けから依頼格付け移行期の格付け動向─},
 volume = {18},
 year = {2017},
 yomi = {オオヒガシ, タツキ}
}