Has the crisis affected the behavior of the rating agencies? Panel evidence from the Eurozone

•We estimate credit rating models for the Eurozone.•We allow for cross-sectional dependence.•Government debt and current account have a stronger impact post-2008.

We examine the determinants of credit ratings for the Eurozone countries over the period 2002-2013 within a panel framework that allows for cross-sectional dependence. We find that government debt and the cumulative current account exert a stronger impact on ratings post-2008 compared to the period before.