Kredi Derecelendirme Kuruluşlarının Not Değişimlerinde Ekonomik, Finansal ve Politik Faktörlerin Etkilerinin Analizi: Türkiye Örneği

Abstract

Credit rating agencies examine the credit risks of countries according to certain criteria and present the rating results with certain grading symbols. Because financial actors prefer countries and industries with high investment grades as per the given ratings, credit ratings become even more important for developing countries which require capital. This study conducts a logistic regression model separately for the three well-known Rating Agencies, namely Moody’s, SP and in addition, the stock market return (SMR) and the current account balance (CAB) for SP and the external debt (ED) and the real interest rates (RIR) for Fitch, are also determined to be significant in changes in credit ratings.