NDEs and Credit Ratings: the Impact of the 2007-2008 Global Financial Crisis on the Credit Ratings of Nature Dependent Exporters

Here we explore the relationship between NDE categories, sovereign credit ratings, and resilience to global economic shocks at the national level. We use the 2007–2008 global financial crisis as our global economic shock reference. We contrast credit ratings outcomes between the groups of countries whose exports are highly dependent on nature versus those with low nature dependency before and after this period of economic shock. We further subdivide these groups to reflect both renewable and non-renewable export shares. Renewable products include those from agriculture, forestry and seafood; while non-renewables comprise oil & gas, minerals, and metals and ores.