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and the ratio of bonds to total debt on indicator variables for time relative to the downgrade for all non-financial U.S. firms conditional on whether they were rated investment-grade (IG) or high-yield (HY) before the downgrade. The omitted time indicator is the year prior to the downgrade All variables are described in Appendix A Year before downgrade Omitted base year Year of downgrade 0, Table 10: Debt composition following rating downgrades This table presents estimates from regressions of net debt issuance Robust standard errors are in parentheses. ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively. Net) (0.006) (0.002) (0.002) (0.006) (0.008) (0.009) (0.009) Year after ,