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Please use this identifier to cite or link to this item: http://elib.bsu.by/handle/123456789/29005
Title: Суверенный кредитный рейтинг: сущность и процедура присвоения
Other Titles: Sovereign Credit Raiting: the Nature and Assignment Procedures (Alexey Samodurov)
Authors: Самодуров, Алексей Александрович
Keywords: ЭБ БГУ::ОБЩЕСТВЕННЫЕ НАУКИ::Экономика и экономические науки
Issue Date: 2004
Publisher: Международное общественное объединение по изучению ООН и информационно-образовательным программам
Citation: Белорусский журнал международного права и международных отношений. — 2004. — № 4
Abstract: According to the experts, the Republic of Belarus requires annual inflow of investments for modernization of production capacities of 2 to 6 billion dollars. World practice shows that the optimum tool for attraction of such significant amounts of investment resources are the international securities (eurobonds). Reception b y the country of a sovereign credit rating from one or several international rating agencies is the important precondition for attracting investments using eurobonds. There are dozens of rating agencies in the world but the most known and recognized are Standard and Poor's (S&P), Moody's Investor's Service and The Fitch-IBCA. These companies carry out evaluation of the financial condition of the issuer in order to define the possibility of assignment of a credit rating. The procedure of assignment of a credit rating on the whole has no essential distinctions at various rating agencies and consists of three integrated stages: preparatory, procedures of exhibiting of a rating and supervision over a rating. Certainly, the preparatory stage is the most complex and long-lasting. At this time the all-round analysis of a n economic and political life of the country is carried out. The basic principle of research is the movement from the general to the particular — a place of the country in world economy, a review of the national economy as a whole, and the economy of separate enterprises. The second stage is characterized by the work o n direct definition of a possible level of the credit rating, its negotiation with the applicant and the subsequent publication in the official press release of the rating agency. In case of the dissatisfaction with an offered level of the rating the applicant can give at the own discretion additional information or refuse the assignment of the rating. The last stage is the monitoring of the level of the credit rating to maintain its conformity with conditions developed at everyone concrete moment. The rating agency, according to the contract, constantly watches the activity of the country, which has received a sovereign rating and can raise or lower its value. The last stage is less intensive on the amount of work and consists of the regular analysis of the information received from various sources about the activity of the object of the analysis. This work results in the officially published opinion of the rating agency on the possibility in the foreseeable future to change the sovereign credit rating in any direction.
Description: Раздел - "Международные отношения"
URI: http://elib.bsu.by/handle/123456789/29005
Appears in Collections:Белорусский журнал международного права и международных отношений. — 2004. — № 4

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