Diagnosis of business organizations’ creditworthiness in terms of European integration: the experience of international credit rating agencies
Journal Title: Економіка: реалії часу - Year 2016, Vol 3, Issue 25
Abstract
During the decision making process regarding to investments or loans, foreign investors or financial institutions are usually guided by the results of creditworthiness diagnosis that is realized by leading international credit rating agencies. Thus, the important task of Ukraine's European integration at different levels (macro-, meso- and microlevels) is the harmonization and unification of normative and methodical support of creditworthiness diagnosis of business organizations in accordance with the recognized international rules and standards. Study results of modern specialized literature give the reasons to confirm that today there is a little material that would reflect the complex research of international experience from the creditworthiness diagnosis of businesses. That’s why the article’s goal is a complex research of the experience of recognized international credit rating agencies in the sphere of creditworthiness diagnosis of Ukrainian entities. At the present stage the credit rating results in the form of official credit ratings by recognized international standards are considered by investors, a variety of financial and credit institutions and the management of business organizations as the priority basis for making investment, financial and other decisions. At present the cohort of internationally recognized credit rating agencies, the results of which are used in most countries of the world, include such organizations as Standard & Poor's, Moody's, Fitch. Typically, investors and other market participants can use credit ratings as an assessment tool, that allows them in making investment decisions to correlate the relative credit risks of emitents or their debt obligations to risk-taking, or their own rules on the definition of these credit risks. Thus, it was grounded the necessity to improve the national diagnostic procedures in the sphere of enterprises’ creditworthiness on the basis of international experience of leading credit rating agencies to facilitate Ukraine's European integration and development of the national economy.
Authors and Affiliations
Olha H. Melnyk, Oksana Yurynets, Marta Adamiv
Keywords
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