. . "This paper studies the relationship between sovereign debt (final) restructuring and sovereign ratings, by distinguishing between commercial and official debt and by considering the creditors\u2019 loss (haircut). Institutional Investor\u2019s index is taken as a measure of a country\u2019s creditworthiness. We find that while a restructuring with private creditors seems to involve some reputational costs, \u201Dofficial defaulters\u201D are not affected (or may even benefit) by the restructuring episodes. Using the Synthetic Control Method, we find further evidence for the heterogeneity of the economic impact of debt restructurings, confirming that official and private restructurings may have different costs and then induce selective defaults." .