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2016 | 9 | 111-120

Article title

International rating as a creditworthiness measure of a state

Content

Title variants

Languages of publication

EN

Abstracts

EN
Credit rating agencies play an important role in the world due to the fact that rating has become a reliable indicator of the evaluation of a debt investment. A reliable agency that is globally recognised ought to be independent, objective, professional, ethical and substantive. Rating itself constitutes an opinion that concerns the possibility of servicing of payment obligations made by a given entity. It is also frequently defined as an independent and objective evaluation of credit risk of a given entity wishing to contract a debt. Rating is a dynamic category concerning the future, therefore each forecast is surrounded by uncertainty. Ratings of individual agencies may differ considerably. The aim of the article is to discuss the role of international rating as a credibility measure of a state, the role of credit rating agencies, of the rules of rating and of the level of rating for the countries of the European Union, especially given the fact that rating for a country is reflected in its credibility and attractiveness.

Year

Issue

9

Pages

111-120

Physical description

Contributors

author
  • WSB University in Torun
  • WSB University in Torun

References

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  • Boot, A.W.A., Tood, T.M. & Schmeits, A. (2006). Credit Ratings as Coordination Mechanisms. Review of Financial Studies, (vol. 19(1)).
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  • Chądzyński, M. (2016, May). Jak wielka trójka agencji ratingowych decyduje o wiarygodności i wpływa na rynki. Retrieved 28 December 2016, from http://www.gazeta.prawna.pl/
  • Ciak, J. (2011). Rating państwa jako metoda oceny zdolności kraju do spłaty zobowiązań w obliczu kryzysu finansowego. Journal Annals WSB, (10(10)).
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  • Redo, M. (2016a). Sustaining government budget deficits as a cause for the cost of public debt service increase in Western European countries in the 1995-2015 period. Torun International Studies, (1 (9)). DOI: http://dx.doi.org/10.12775/TIS.2016.005.
  • Redo, M. (2016b). Bezpieczeństwo finansów publicznych – wpływ ekspansji fiskalnej na poziom kosztu kapitału w Polsce na tle państw Europy Środkowo-Wschodniej (w druku).
  • Regulation of the European Parliament and of the Council (EEC) no. 1060/2009 of 16th September, 2009 on credit rating agencies (the Official Journal of the European Union L 2009.302.1 as amended).
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  • Report of the European Commission for the European Parliament and the Council concerning alternative solutions for external credit ratings, the situation on the credit rating market, competition and management in the area of credit ratings, the situation on the market of ratings of financial instruments resulting from securitization and the possibility of creating a European credit rating agency, the European Commission, Brussels, 19th October, 2016, COM (2016) 664 final.
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Document Type

Publication order reference

YADDA identifier

bwmeta1.element.desklight-351b53f8-125d-4cdc-97eb-cbd2a0b2e43a
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