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The role of rating agencies in international financial market

Author

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  • 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.

Suggested Citation

  • Emilian-Constantin MIRICESCU, 2015. "The role of rating agencies in international financial market," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(602), S), pages 227-232, Spring.
  • Handle: RePEc:agr:journl:v:xxii:y:2015:i:1(602):p:227-232
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