INTERNATIONAL CREDIT RATING AGENCIES IN FINANCE: A STATISTICAL AND ANALYTICAL ASSESSMENT
DOI:
https://doi.org/10.55640/Keywords:
sovereign credit rating, asymmetric information theory, S&P Global Ratings, Moody's Investors Service, Fitch Ratings, investment attractiveness, foreign direct investment (FDI), yield spread, adverse selection, information intermediation, Uzbekistan.Abstract
This article examines the institutional role of the three principal international credit rating agencies — Standard & Poor's Global Ratings, Moody's Investors Service, and Fitch Ratings — in global financial markets, as well as their influence on the investment attractiveness of sovereign states, within the theoretical framework of asymmetric information. The study draws upon the foundational theoretical contributions of George Akerlof, Michael Spence, and Joseph Stiglitz to elucidate the function of credit ratings as informational intermediaries. Empirical findings confirm that sovereign credit ratings exert a statistically and economically significant impact on investment decision-making and international capital flows. The article concludes with a set of policy recommendations oriented toward institutional quality enhancement, fiscal consolidation, and the deepening of domestic financial markets, with the objective of attaining an investment-grade credit rating (BBB–).
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