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Sovereign Risk Ceilings: Rethinking Credit Assessment Through Risk Disaggregation
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Sovereign Risk Ceilings: Rethinking Credit Assessment Through Risk Disaggregation

Diagnosing how the sovereign ceiling functions as a simplifying shortcut that can obscure meaningful differences across borrowers, and proposing an alternative credit rating approach based on disaggregating sovereign risk into specific transmission channels.

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Denise Hearn is an author, applied researcher, and advisor whose work focuses on economic and climate policy, market governance, and institutional design. With experience spanning public policy, finance, academia, and nonprofits, she enjoys translating complex systems problems into actionable solutions across sectors. She is co-author of The Myth of Capitalism: Monopolies and the Death of Competition – named a Financial Times’ Best Book of 2018 – and The Big Fix: How Companies Capture Markets and Harm Canadians (McGill 2024). Her research and analysis have reached global audiences through translations into 12 languages and publications in The Financial Times, Bloomberg, The Globe and Mail, Stanford Social Innovation Review, Fortune, The South China Morning Post, UnHerd, and The Washington Post. She has delivered keynote presentations and participated in policy discussions across continents. She has an MBA from the Oxford Saïd Business School and a BA in International Studies from Baylor University.

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