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Rating Agencies and Their Role in the International Financial Crisis

Author

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  • Eugen Andreescu

Abstract

The leading three American Rating Agencies are focussed on assigning credit ratings for issuers of different types of bonds and debt tools by establishing an independent evaluation on the potential risks. The developed countries are the main targets of the successive downgrading process operated in the 2010-2011 period. Meantime the emerging countries were the receivers of higher assessments. In conformity to 2010 Moody’s Report, over 70 per cent from the country rating cutbacks was concentrated to European countries. Among 18 countries that were assessed of higher ratings, only one, Turkey, belongs to Europe. The others are emerging countries from Latin America (56 per cent), Asia (39 per cent), Africa and Middle East (5 per cent).

Suggested Citation

  • Eugen Andreescu, 2011. "Rating Agencies and Their Role in the International Financial Crisis," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 3(2), June.
    • Handle: RePEc:iem:journl:v:3:y:2011:i:2:id:2822000008752015
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    More about this item

    Keywords

    American Rating Agencies; credit ratings; international financial crisis; bonds; debt tools;
    All these keywords.

    JEL classification:

    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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