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Theoretical and Applied Economics
No. 1 / 2015 (602), Spring

The role of rating agencies in international financial market

Emilian-Constantin MIRICESCU
Bucharest University of Economic Studies, Romania

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.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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