Credit ratings and financial soundness in public financial discourse: Evidence from the Sicilian regional government

Credit ratings are often treated as market-oriented signals for investors, while their public sector role remains underexplored. Through an exploratory qualitative single case study of the Sicilian Regional Government, this article examines how credit ratings and rating-consistent evaluative criteria are addressed in official texts and public financial discourse. Drawing on documentary analysis of rating-related materials, regional budgeting and planning documents, oversight outputs, intergovernmental agreements, and institutional communications, the study traces how financial soundness, discipline, credibility, and institutional reliability are articulated across documentary settings. The findings show that ratings have uneven relevance. In some settings, they are cited directly as signs of external recognition; in others, they recede into the background, while adjacent evaluative criteria carry more interpretive weight. The article contributes to the credit rating literature by showing how public entities receive, translate and selectively mobilize ratingrelated judgements through their own documentary practices.