Credit rating agencies judge the creditworthiness of the debtors and debt obligations and the relative probability of their default. Credit rating plays a very important role in the financial markets. It influences the behavior of all participants (investors, debtors and regulators) of the market transactions. The first part of the thesis deals with definition and function of the credit rating. The main controversial points in the activity of the credit rating agencies will be discussed, as well as how the industry is regulated. In the second part it is claimed that the opinions of the credit rating agencies on sovereign bonds (sovereign rating) contribute to the overheating of the economies or to the deeper recession due to procyclicity of the rating. The actual credit rating of the country will be compared with a rating based on a theoretical model designed with publicly available economic data.
| Identifer | oai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:75407 |
| Date | January 2010 |
| Creators | Búry, Jan |
| Contributors | Kalínská, Emílie, Čajka, Radek |
| Publisher | Vysoká škola ekonomická v Praze |
| Source Sets | Czech ETDs |
| Language | Czech |
| Detected Language | English |
| Type | info:eu-repo/semantics/masterThesis |
| Rights | info:eu-repo/semantics/restrictedAccess |
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