The impact of international diversification on credit scores: Evidence from the UK

•We examined the impact of international diversification on credit scores of UK based firms.•International diversification has an inverted U-shaped relationship with credit scores.•R&D intensity positively moderates the relationship.•International diversification-credit score relationship is only significant for firms operating in competitive industries.•A firm’s credit score is less dependent on international diversification for large firms, firms in the manufacturing sector, and firms distant from London.