Kreditvärderingsinstitut arbetar med att göra analyser och bedömningar om vad bolag har för kreditvärdighet genom att tilldela ett kreditbetyg. Bolagen kan välja vilket kreditbetyg de vill publicera till allmänheten. Kreditbetygen används som ett verktyg på obligationsmarknaden för att prissätta dessa, och har därför betydelse för fastighetsbolagens kreditvärdighet. Obligationsmarknaden är en viktig finansieringskälla för större fastighetsbolag. Syftet med detta arbete är att ge läsaren en övergripande bild av de dominerande kreditvärderingsinstituten på den svenska fastighetsmarknaden och eventuella likheter, skillnader och potentiella svagheter. Detta för att identifiera eventuella påföljder som de dominerande kreditvärderingsinstituten kan medföra. Arbetet utgår från både kvalitativ och kvantitativ metod. Den kvalitativa metoden består av ett teoretiskt ramverk som innehåller institutens betygsskalor, kreditvärderingsprocess, policys och disclaimer. Kvantitativa metoden innefattar mejlintervjuer, som skickats ut till 30 svenska fastighetsbolag med publika kreditbetyg. Resultaten visar att det finns likheter, skillnader och svagheter mellan de olika kreditvärderingsinstituten. Trots dominerande likheter hos instituten visade resultatet från mejlintervjuerna en skillnad på fyra betygssteg i snitt-kreditbetyg hos fastighetsföretagen och skillnader i kreditbetyg till Danske Bank. Likheterna och skillnaderna kan leda till svagheter som att fastighetsbolag betalar mycket pengar för ett eller flera kreditbetyg som instituten inte tar ansvar över, och som investerare eventuellt fattar investeringsbeslut baserat på. / Credit rating agencies work to make analyzers and assessments of what companies' creditworthiness is by assigning a credit rating. Companies can choose which credit ratings they want to publish to the public. The credit ratings are used as a tool for obligations to price these and are important for the real estate companies' creditworthiness. Liabilities market is an important source of financing for major real estate companies.   The purpose of this Bachelor Thesis is to give the reader an overall picture of the dominant credit rating agency in the Swedish real estate market and point out any similarities, differences and potential weaknesses. This is to identify any penalties that the dominant credit rating agencies may incur. This work is based on both qualitative and quantitative methods. The qualitative method consists of a theoretical framework that contains the institutions' grading scales, credit rating process, policies and disclaimer. The quantitative method includes email interviews, which have been sent out to 30 Swedish real estate companies with public credit ratings.  Results show that there are similarities, differences and weaknesses between the different credit rating agencies. The dominant similarities between the institutions showed the results from the email interviews and the difference between four rating steps in the average credit rating of the real estate companies and differences in credit ratings to Danske Bank. The similarities and differences can lead to weaknesses such as real estate companies paying a lot of money for one or more credit ratings, which the institutions do not take responsibility for, and on which investors may make investment decisions based on.

En fastighetsaffär är en av de allra största och viktigaste investeringarna som kan ske i en människas liv. Det är därför viktigt att aktuell lagstiftning följs när dessa affärer genomförs. Efter att en fastighet har sålts är det inte ovanligt att det uppstår tvister och oklarheter kring vem som ansvarar för så kallade dolda fel i fastigheten. Dolda fel är något som kan uppmärksammas efter köpet. Enligt jordabalken gäller i normalfallet att säljaren ansvarar för dessa fel i 10 år från det att köpet gjordes. Säljaren kan undvika detta ansvar genom att friskriva sig från fel i fastigheten. Enligt jordabalken är sådana friskrivningar ogiltiga i de fall då en näringsidkare säljer en fastighet till en konsument. Enligt vår tolkning av lagen och dess förarbeten gäller detta även när kommuner säljer fastigheter till privatpersoner. I denna studie ska det undersökas hur väl kommunerna är medvetna om att denna begränsning i lagen finns och hur de såväl i praktiken som i teorin förhåller sig till den, vid fastighetsförsäljningar till privatpersoner. För att söka svar på frågorna ska en kombination av en juridisk och en kvalitativ metod använts. Totalt ska det under studiens gång granskas 46 stycken kontrakt från 10 olika kommuner. Studien baseras på en granskning av 46 stycken kontrakt, varav 52 % visade sig vara ogiltiga enligt JB 4 kap. 19 d. Vidare visade granskningen att majoriteten av dessa är utformade på ett av tre alternativa sätt, där samtliga innehöll minst en friskrivning från fel och brister i fastigheten. Studien visar även att stor okunskap råder i kommunerna angående hur regeln ska tolkas och hur denna typ av friskrivning därför bör hanteras i de kommunala kontrakten. Dessutom visar studien på att de ansvariga i kommunerna inte heller verkar vara medvetna om att samma syfte som de vill uppnå genom en friskrivning kan åstadkommas genom en grundlig förklarande beskrivning av köpeobjektet. / Buying a property is one of the biggest and most important investments in a person´s life. When this kind of purchase is being performed it´s important that the Swedish legislation is being considered and followed correctly by both parties when writing the contract. After a property is sold it's not unusual that some disputes and uncertainties rises about who´s responsible for the so called "hidden defects" on the property, which can be found after the purchase has become final. According to Swedish law the seller is responsible for these defects for the following 10 years after the purchase is completed. However there is one way for the seller to avoid this kind of responsibility - by using a disclaimer from these hidden defects. When a trader is selling a property to a consumer, this kind of disclaimers, according to jordabalken (JB) 4 cap. 19 d §, is invalid. According to what the writers can interpret by reading the text of law and the legislative history, JB 4 cap. 19 d § also should be applied in those cases where a municipality is selling a property to a private individual. The purpose of this study is to map the municipalities awareness of the existence of the law and how they consider that the law should be handled when selling a property to a private individual. To seek the answers to these questions a combination of a juridical and a qualitative method have been used. During the study a total of 46 contracts from 10 different municipalities have been examined. The study came across a total of 46 disclaimers, which a percantage of 52 % according to JB 4 cap 19 d § considers as invalid. The majority of these disclaimers was proved to be designed as one of three alternative ways, where every one of them contained some kind of disclaimer from hidden defects and flaws in the property. The study proves that there is big ignorance and lack of knowledge at the municipalities about how the law in JB 4 cap. 19 d § should be interpreted and how this kind of disclaimer therefore should be treated in the contracts. Also, the study shows that the municipalities doesn't seem to be aware that the same purpose that they want to achieve by using the disclaimer, can be accomplished by a detailed description of the property.

nÃo hà / A contribuiÃÃo de melhoria à um tributo previsto desde a ConstituiÃÃo Federal de 1934, artigo 124; atualmente, prevista na ConstituiÃÃo Federal de 1988, artigo 145, III. A competÃncia à comum a todos os entes polÃticos: UniÃo, Estados, Distrito Federal e MunicÃpios. A contribuiÃÃo de melhoria possui um carÃter justo porque à cobrada das pessoas que possuem seus imÃveis valorizados em decorrÃncia da obra pÃblica, porÃm, à um tributo esquecido pelos fiscos. Analisou-se neste trabalho a contribuiÃÃo dos fatores econÃmicos para o incremento da arrecadaÃÃo nos MunicÃpios brasileiros durante o ano de 2009, advindo da cobranÃa de contribuiÃÃo de melhoria. Nesse sentido, utilizando-se de um modelo de regressÃo linear simples, constatou-se que a arrecadaÃÃo contribuiÃÃo de melhoria à relacionada positivamente com o aumento da populaÃÃo, do Ãndice FIRJAN e dos tributos ContribuiÃÃo de IntervenÃÃo no DomÃnio EconÃmico â CIDE e Imposto Territorial Rural â ITR. De outro lado, exercem influÃncia negativa na arrecadaÃÃo da contribuiÃÃo estudada os montantes das transferÃncias oriundas do Fundo Nacional de Desenvolvimento da EducaÃÃo â FNDE e do Fundo de ParticipaÃÃo dos MunicÃpios â FPM, evidenciando o desincentivo para a administraÃÃo municipal em se autofinanciar, quando presentes as transferÃncias desses fundos. / The contribution of improvement is a tribute planned since the Constitution of 1934, Article 124; currently provided for in the Constitution of 1988, Article 145, III. Competence is common to all political entities: Union, States, Federal District and Municipalities. The contribution of improvement has a righteous character is charged because of the people who have their properties valued due to public work , however, is a tribute forgotten by the tax authorities. Analyzed in this work the contribution of economic factors to increase the collection in the Brazilian municipalities during the year 2009, arising from the levying of contributions for improvement. In this sense, using a simple linear regression model, it was found that the revenue contribution of improvement is positively related with the increase in population, the index FIRJAN and taxes Contribution for Intervention in the Economic Domain - CIDE and Rural Land Tax - ITR. On the other hand, negatively influence the collection of contribution studied the amounts of transfers arising from the National Fund for Education Development - ENDF and the Municipalities Participation Fund - FPM, highlighting the disincentive for municipal administration in finance them, when the present transfers these funds.

Submitted by Mariana Guerra Sabadin (mariana.sabadin@gmail.com) on 2015-11-30T15:55:15Z No. of bitstreams: 1 Versão Final Apresentada à Direito GV | 30.11.2015.pdf: 1365128 bytes, checksum: be63412ebe9b39f69c030581c4e2858d (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-11-30T16:55:19Z (GMT) No. of bitstreams: 1 Versão Final Apresentada à Direito GV | 30.11.2015.pdf: 1365128 bytes, checksum: be63412ebe9b39f69c030581c4e2858d (MD5) / Made available in DSpace on 2015-12-01T11:19:53Z (GMT). No. of bitstreams: 1 Versão Final Apresentada à Direito GV | 30.11.2015.pdf: 1365128 bytes, checksum: be63412ebe9b39f69c030581c4e2858d (MD5) Previous issue date: 2015 / This master’s dissertation aims at investigating whether the parties to business deals executed in accordance with Brazilian law can evoke the party autonomy to – through the inclusion in the contract of mechanisms imported from the common law – such as representations and warranties, rules regarding indemnification and limitation of liability (generally accompanied by exclusive remedy clauses), entire agreement clauses and disclaimer os reliance clauses –, limit their extracontractual liability for fraud (dolo) set forth in the Brazilian Civil Code and, therefore, create a true license to lie. In view of the lack of judicial precedents on this issue in Brazil, this dissertation analyzes the case 'Abry Partners V, L.P. v. F&W Acquisition LLC, C.A. No. 1756-N' examined by the Court of Chancery of the State of Delaware in 2006 in order to (i) comprehend – according to the decision of such Court of Chancery and to the foreign literature that has studied the case – the intended and actual effects of such clauses and mechanisms within the common law system; and, afterwards, (ii) attempt to understand – according to the principles applicable to the formation, conclusion and interpretation of commercial agreements in Brazil (such as the objective good faith) – how the Brazilian Judiciary should conduct the accommodation and/or adaption of such clauses and mechanisms to Brazilian law. / A presente dissertação de mestrado tem por objetivo investigar se as partes de negócios jurídicos empresariais celebrados à luz do ordenamento jurídico brasileiro podem evocar a autonomia privada para, por meio da inserção no contrato de mecanismos importados da common law – como as declarações e garantias, as regras de indenização e limitação de responsabilidades (frequentemente acompanhadas de disposição de remédio exclusivo), as cláusulas de entendimento integral e os dispositivos de disclaimer of reliance –, estabelecer limites à responsabilidade extracontratual por dolo prevista no Código Civil e, assim, criar contratualmente verdadeira licença para mentir. Para tanto, dada a ausência de jurisprudência brasileira a esse respeito, parte-se da análise do caso Abry Partners V, L.P. v. F&W Acquisition LLC, C.A. No. 1756-N, examinado pela Court of Chancery do estado norte-americano de Delaware em 2006. Busca-se, então, compreender – com base na decisão proferida em tal caso e na doutrina estrangeira que sobre ela se debruçou – os efeitos pretendidos e obtidos, no âmbito da common law, pela inserção das cláusulas e mecanismos mencionados acima e, posteriormente, segue-se – de acordo com os princípios que regem a formação, a conclusão e a intepretação dos contratos comerciais no Brasil (tal como a boa-fé objetiva) – rumo ao exame de como o Poder Judiciário brasileiro tenderá a conduzir a acomodação e/ou adaptação de tais mecanismos e cláusulas ao direito pátrio.

L’objet de cette thèse est de dresser une méthode qui permet d’expliquer, au regard du droit commun, le phénomène de l’extension et la transmission de certaines clauses dans les chaînes de contrats et les ensembles contractuels. Cette méthode devrait aussi justifier certaines dérogations au droit commun.La thèse commence par aborder certaines questions préalables relatives aux groupes de contrats, qui ont une portée directe sur l’objet de cette étude. Les membres de l’ensemble contractuel et de la chaîne de contrats sont des tiers dans leurs rapports respectifs. L’action directe, qui constitue l’élément dynamique de la chaîne de contrats, peut s’analyser en un mécanisme de compensation multilatérale. L’ensemble contractuel multipartite ne peut produire ses effets à l’égard de ses membres que si ces derniers connaissaient l’existence des liens qui unissent leur contrat aux autres contrats de l’ensemble. Enfin, dans les ensembles contractuels bipartites, une distinction s’impose entre le véritable ensemble contractuel et entre le contrat complexe, qui n’est qu’un contrat unique divisé en plusieurs intrumentum. Une méthode chronologique est proposée, prenant en compte le nombre d’échanges de consentements ayant eu lieu entre les deux parties.Après avoir répondu à ces questions préalables, la thèse examine certaines hypothèses dans la jurisprudence dans lesquelles l’effet d’une clause a été étendu ou transmis, dans une chaîne de contrats ou un ensemble contractuel. Les clauses de compétence font l’objet du contentieux le plus abondant mais beaucoup d’autres clauses, telles que la clause limitative de responsabilité, la clause de non-concurrence, la clause de non-garantie et la clause de renonciation à recours font également l’objet d’une extension ou d’une transmission dans les groupes de contrats. L’examen de cette jurisprudence a pu écarter certaines décisions qui ont paru mal fondés et de poser des principes généraux qui peuvent gérer la problématique de l’extension et de la transmission dans les groupes de contrats.Ces règles à caractères générales dégagés après l’examen de la jurisprudence, associées aux réponses qui ont été apportées en premier lieu aux questions préalables, ont abouti à la création de la méthode recherchée. La première étape dans cette méthode est de reconnaître le type de groupe de contrats auquel on fait face : s’agit-il d’un ensemble contractuel bipartite, d’un ensemble contractuel multipartite ou d’une chaîne de contrats ?Si c’est un ensemble contractuel bipartite, la première question qu’on devrait se poser serait de savoir s’il s’agit d’un seul contrat divisé en plusieurs instrumentum, ou d’un véritable ensemble contractuel. Si le groupe prend la forme d’une chaîne de contrats ou d’un ensemble multipartite, la problématique de l’effet relatif des contrats paraît alors sur le devant de la scène. Il a été démontré que l’article 1165 ne fait obstacle qu’à l’extension des clauses à contenu obligationnel. Cinq éléments caractéristiques ont été retenus pour caractériser la clause génératrice d’obligation. Si la clause a un contenu obligationnel, elle ne peut en principe être étendue aux autres membres de la chaîne ou de l’ensemble contractuel. Sinon, la clause est potentiellement opposable.Les dérogations à l’effet relatif des contrats ne sont qu’au nombre de deux. Dans les chaînes de contrats, cette dérogation se manifeste par la transmission des droits à l’ayant cause à titre particulier. Dans les ensembles contractuels une autre dérogation au principe de l’effet relatif des contrats apparaît lorsque le respect de la force obligatoire de la clause exige inévitablement de l’étendre à un autre membre de l’ensemble.Dans les chaînes de contrats, les clauses, sans effet obligationnel, qui affectent l’existence ou le montant de la créance sont de plein droit opposables aux autres membres de la chaîne. / The objet of this thesis is to create a method that could explain a phenomenon that has been observed by scholars and practitioners of law for decades; which is the extension end the transmission of certain clauses in chain agreements and contractual sets. Through this method one should be able, on one hand, to justify this phenomenon in regard to general principals of law and, on the other hand, to find an explanation for some necessary derogations to the Law.The first step in this thesis was to find answers for some basic questions about groups of contracts that have a direct impact on our subject. We have demonstrated that the fundament of contractual sets relies in the concept of “economy of contract”. Members of chain agreements and contractual sets should be considered as third parties in their mutual relationships. Direct action, which constitutes the dynamic face of chain agreements, could be analyzed as a multilateral set-off. In multiparty contractual sets, the set could not produce its effects in regard to its members unless it could be proven that the concerned member has knowledge of the existence of the other contracts forming the set and of the links between these contracts and his own one. Finally, in two parties’ contractual sets, it’s mandatory to distinguish between a real contractual set, and complex contract which is merely a contract written in several documents. We have proposed a chronological method to establish this distinction, taking into account the number of times the parties have exchanged their consent. After this preliminary part, we have studied precedents regarding the extension and the transmission of some clauses in chain agreements and contractual sets. Jurisdiction clauses and arbitration clauses are by far the most represented, but other clauses such as clauses of disclaimer of warranty, clauses of limited liability, clauses of waiver of action and clauses of non-competition are also sometimes extended or transmitted to other contracts and/or to other members in the group. Through an analysis of these decisions, we have shown that some of them didn’t have enough legal ground. Using those decisions that seemed to us well-founded, we have deduced a number of rules that could be applied for other cases of extension and transmission of clauses in groups of contracts.The rules that we have deduces from the study of the case law, together with the answers that we have provided for some preliminary questions in the first part of the thesis, have lead us to find the method we are looking for in this study.The first step in this method is to recognize the type of group of contracts involved: is it a chain agreement, a multiparty contractual set or a two parties’ set ?If it’s a contractual set between two parties, the first question should be to decide whether it’s really a contractual set, or if it’s a complex contract. If the group of contracts involved is a chain agreement or a multiparty contractual set, then one should wonder whether the doctrine of privity of contract could form an obstacle against the extension or the transmission of the clause. We have demonstrated in this thesis that article 1165 of the Civil Code is only applicable to clauses that contain an obligation. In order to qualify recognize clauses having an “obligational” content, we have proposed five fundamental elements. If the clause contains an obligation it could not be extended to the other members of the chain agreement or the contractual set. Otherwise, the clause is potentially opposable.There are only two exceptions to the doctrine of privity of contract. The first one, in chain agreements is the transmission of rights to singular successors. This exception could be justified by article 1122 of the Civil Code and by the concept of accessoire. The second exception could be seen in contractual sets where the binding authority of the clause could not be respected unless it is extended to certain third parties.