The role of rating agencies in international financial market

Emilian-Constantin Miricescu
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Emilian-Constantin Miricescu: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2015, vol. XXII, issue 1(602), Spring, 227-232

Abstract: In the context of financial markets globalization, the role of rating agencies and credit ratings expanded sharply. Standard & Poor's awarded in the late 70’s ratings only for 12 countries and currently it assigned ratings for 129 countries. Global rating agencies Standard & Poor's, Moody’s and Fitch publish long term sovereign ratings and short term sovereign ratings. The role of sovereign ratings is the decrease of informational asymmetry between borrowers (countries) – acting as issuers and lenders – acting as investors. In this paper I will analyse sovereign rating definition and I will explain the importance of rating agencies.

Keywords: sovereign rating; rating agency; financial market; informational asymmetry; globalization. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:xxii:y:2015:i:1(602):p:227-232

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