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We study the determinants of analyst promotions within Moody's using data collected from corporate debt credit reports. We find that Moody's is more likely to promote analysts who are accurate, but less likely to promote analysts who are downgraders (relative to S&P). Combined, analysts who are accurate but not overly negative are approximately twice as likely to get promoted. Furthermore, analysts whose downgrades are associated with significant negative equity returns are less likely to bedoi:10.3386/w22477 fatcat:grv57pdeufarbidntt4bqoow3y