Is there a global convergence of management foci in city credit quality assessments? A computational analysis approach

Financialization of urban governance is a process taking place with varying degrees of depth around the world. A key intermediary and a product that many cities must face to gain access to capital are credit rating firms and their opinions of underlying credit quality. Given the required economies of scale and scope with information intermediation, three global firms have emerged to offer methodologies for fundamental components of subnational government risk, which they claim follows a standardized credit assessment schedule. Computational text analysis offers insights about a crucial credit quality assessment mechanism as well as the potential convergence in management foci of city credit quality assessments globally. Specifically, the findings will assist in unpacking the management factors of city credit quality, with implications for both cities and investors in an increasingly financialized environment of urban governance.