a credit rating evaluates the credit worthiness of an issuer of specific types of debt

7/31/2019 A Credit Rating Evaluates the Credit Worthiness of an Issuer of Specific Types of Debt

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Credit ratings are one of several tools that investors can use whenmaking decisions about purchasing bonds and other fixed incomeinvestments. Each agency applies its own methodology in measuring creditworthiness and usesa specific rating scale to publish its ratings opinions. Typically, ratings are expressed as letter gradesthat range, for example, from AAA to D to communicate the agencys opinion of relative level of

credit risk.

Who uses credit ratings

InvestorsInvestors most often use credit ratings to help assess credit risk and to compare different issuers anddebt issues when making investment decisions and managing their portfolios.Individual investors, for example, may use credit ratings in evaluating the purchase of a municipalor corporate bond froma risk tolerance perspective.

Institutional investors, including mutual funds, pension funds, banks, and insurance companies

often use credit ratings to supplement their own credit analysis of specific debt issues. In addition,institutional investors may use credit ratings to establish thresholds for credit risk and investmentguidelines.A rating may be used as an indication of credit quality, but investors should consider a variety offactors, including their own analysis.

IntermediariesInvestment bankers help to facilitate the flow of capital from investors to issuers. They may use creditratings to benchmark the relative credit risk of different debt issues, as well as to set the initial pricingfor individual debt issues they structure and to help determine the interest rate these issues will pay.Investment bankers and entities that structure special types of debt issues may look to a ratingagencys criteria when making their own decisions about how to configure different debt issues, ordifferent tiers of debt.

Investment bankers may also serve as arrangers of special debt issues. In this capacity, they establishspecial entities that package assets, such as retail mortgages and student loans, into securities, orstructured finance instruments, which they then market to investors.

IssuersIssuers, including corporations, financial institutions, national governments, states, cities andmunicipalities, use credit ratings to provide independent views of their creditworthiness and the creditquality of their debt issues.Issuers may also use credit ratings to help communicate the relative credit quality of debt issues,thereby expanding the universe of investors. In addition, credit ratings may help them anticipate theinterest rate to be offered on their new debt issues.As a general rule, the more creditworthy an issuer or an issue is, the lower the interest rate the issuerwould typically have to pay to attract investors. The reverse is also true: an issuer with lower

creditworthiness will typically pay a higher interest rate to offset the greater credit risk assumed byinvestors.

Businesses and financial institutionsBusinesses and financial institutions, especially those involved in credit- sensitive transactions, mayuse credit ratings to assess counterparty risk, which is the potential risk that a party to a creditagreement may not fulfill its obligations.For example, in deciding whether to lend money to a particular organization or in selecting a companythat will guarantee the repayment of a debt issue in the event of default, a business may wish toconsider the counterparty risk.A credit rating agencys opinion of counterparty risk can therefore help businesses analyze their creditexposure to financial firms that have agreed to assume certain financial obligations and to evaluatethe viability of potential partnerships and other business relationships.

Rating methodologiesIn forming their opinions of credit risk, rating agencies typically use primarily analysts or mathematicalmodels, or a combination of the two.


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Model driven ratings. A small number of credit rating agencies focus almost exclusively on quantitativedata, which they incorporate into a mathematical model. For example, an agency using this approachto assess the creditworthiness of a bank or other financial institution might evaluate that entitys assetquality, funding, and profitability based primarily on data from the institutions public financialstatements and regulatory filings.

Analyst driven ratings.

In rating a corporation or municipality, agencies using the analyst driven approach generally assign ananalyst, often in conjunction with a team of specialists, to take the lead in evaluating the entityscreditworthiness. Typically, analysts obtain information from published reports, as well as frominterviews and discussions with the issuers management. They use that information to assess theentitys financial condition, operating performance, policies, and risk management strategies.

How agencies are paid for their servicesAgencies typically receive payment for their services either from the issuer that requests the rating orfrom subscribers who receive the published ratings and related credit reports.

Issuer-pay model. Under the issuer-pay model, rating agencies charge issuers a fee for providing aratings opinion. In conducting their analysis, agencies may obtain information from issuers that mightnot otherwise be available to the public and factor this information into their ratings opinion. Since the

rating agency does not rely solely on subscribers for fees, it can publish current ratings broadly to thepublic free of charge.

Subscription model. Credit rating agencies that use a subscription model charge investors and other


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market participants a fee for access to the agencys ratings. Critics point out that like the issuer-paymodel, this model has the potential for conflicts of interest since the entities paying for the rating, inthis case investors, may attempt to influence the ratings opinion.Critics of this model also point out that the ratings are available only to paying subscribers. These tendto be large institutional investors, leaving out smaller investors, including individual investors. Inaddition, rating agencies using the subscription model may have more limited access to issuers.

Information from management can be helpful when providing forward looking ratings. (Slide 7-scurtez)

Investment- and speculative- grade debtThe term investment grade historically referred to bonds and other debt securities that bankregulators and market participants viewed as suitable investments for financial institutions. Now theterm is broadly used to describe issuers and issues with relatively high levels of creditworthiness andcredit quality. In contrast, the term non- investment grade, or speculative grade, generally refers todebt securities where the issuer currently has the ability to repay but faces significant uncertainties,such as adverse business or financial circumstances that could affect credit risk.In Standard & Poors long-term rating scale, issuers and debt issues that receive a rating of BBB orabove are generally considered by regulators and market participants to be investment grade, whilethose that receive a rating lower than BBB are generally considered to be speculative grade.

Rating an issuerTo assess the creditworthiness of an issuer, Standard & Poors evaluates the issuers ability andwillingness to repay its obligations in accordance with the terms of those obligations.To form its ratings opinions, Standard & Poors reviews a broad range of financial and businessattributes that may influence the issuers prompt repayment. The specific risk factors that are analyzeddepend in part on the type of issuer.For example, the credit analysis of a corporate issuer typically considers many financial and non-financial factors, including key performance indicators, economic, regulatory, and geopoliticalinfluences, management and corporate governance attributes, and competitive position. In rating asovereign, or national government, the analysis may concentrate on political risk, monetary stability,and overall debt burden.

Rating an issueIn rating an individual debt issue, such as a corporate or municipal bond, Standard & Poors typicallyuses, among other things, information from the issuer and other sources to evaluate the credit qualityof the issue and the likelihoodof default. In the case of bonds issued by corporations or municipalities, rating agencies typically beginwith an evaluation of the creditworthiness of the issuer before assessing the credit quality of a specificdebt issue.In analyzing debt issues, for example, Standard & Poors analysts evaluate, among other things:> The terms and conditions of the debt security and, if relevant, its legal structure.> The relative seniority of the issue with regard to the issuers other debt issues and priority ofrepayment in the event of default.> The existence of external support or credit enhancements, such as letters of credit, guarantees,insurance, and collateral. These protections can provide a cushion that limits the potential credit risks

associated with a particular issue.

Recovery of investment after defaultCredit rating agencies may also assess recovery, which is the likelihood that investors will recoup theunpaid portion of their principal in the event of default. Some agencies incorporate recovery as a ratingfactor in evaluating the credit quality of an issue, particularly in the case of non-investment-grade debt.Other agencies, such as Standard & Poors, issue recovery ratings in addition to rating specific debtissues. Standard & Poors may also consider recovery ratings in adjusting the credit rating of a debtissue up or down in relation to the credit rating assigned to the issuer.

Rating structured finance instrumentsA structured finance instrument is a particular type of debt issue created through a process known assecuritization. In essence, securitization involves pooling individual financial assets, such as mortgage

or auto loans, and creating, or structuring, separate debt securities that are sold to investors to fundthe purchase of these assets.The creation of structured finance instruments, such as residential mortgage-backed securities(RMBS), asset-backed securities (ABS), and collateralized debt obligations (CDOs), typically involves


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three parties: an originator, an arranger, and a special purpose entity, or SPE, that issues thesecurities.

The originator is generally a bank, lender, or a financial intermediary who either makes loans toindividuals or other borrowers or purchases the loans from other originators.> The arranger, which may also be the originator, typically an investment bank or other financialservices company, securitizes the underlying loans as marketable debt instruments.> The special purpose entity (SPE), generally created by the arranger, finances the purchase of theunderlying assets by selling debt instruments to investors. The investors are repaid with the cash flowfrom the underlying loans or other assets owned by the SPE.

The sovereign rating methodology ("criteria" and "methodology" are used interchangeably herein) addresses the

factors that affect a sovereign government's willingness and ability to service its debt on time and in full. Theanalysis focuses on a sovereign's performance over past economic and political cycles, as well as factors that

indicate greater or lesser fiscal and monetary flexibility over the course of future economic cycles.

The five key factors that form the foundation of our sovereign credit analysis are:

Institutional effectiveness and political risks, reflected in the political score.

Economic structure and growth prospects, reflected in the economic score.

External liquidity and international investment position, reflected in the external score.

Fiscal performance and flexibility, as well as debt burden, reflected in the fiscal score.

Monetary flexibility, reflected in the monetary score.

The first step is to assign a score to each of the five key factors on a six-point numerical scale from '1' (the

strongest) to '6' (the weakest). Each score is based on a series of quantitative factors and qualitativeconsiderations described in subpart VI.C below. The criteria then combine the political and economic scores to

form a sovereign's "political and economic profile," and the external, fiscal, and monetary scores to form its

"flexibility and performance profile."


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Standard & Poor's analysis of a sovereign's creditworthiness starts with its assessment and scoring of five key

rating factors (see table 1).

Each factor receives a score, using a six-point numerical scale from '1' (the strongest) to '6' (the weakest). Aseries of quantitative factors and qualitative considerations, described in subpart VI.C below, form the basis for

assigning the scores. The criteria then combine those five scores to form a sovereign's "political and economic

profile," and its "flexibility and performance profile"


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A credit rating evaluates thecredit worthinessof an issuer of specific types ofdebt, specifically, debt issued by a business enterprise such as acorporationor a government. It is an evaluation made by a credit rating agency of the debtissuers likelihood ofdefault.Credit ratings are determined bycredit ratings agencies. The credit ratingrepresents the credit rating agency's evaluation of qualitative and quantitativeinformation for a company or government; including non-public informationobtained by the credit rating agencies analysts.Credit ratings are not based on mathematical formulas. Instead, creditrating agencies use their judgment and experience in determining whatpublic and private information should be considered in giving a rating toa particular company or government. credit rating agencies typically analyzeand evaluate both quantitative and qualitative factors when rating an issue.

Only the credit rating companies control this information.Mathematical formulas are not the sole basis of credit ratings, as credit ratingagencies typically analyze and evaluate both quantitative and qualitative factorswhen rating an issue. Credit ratings are often confused with credit scores. Anindividual's credit score, along with his credit report, affects his or her ability to borrowmoney through financial institutions such as banksThe factors that may influence a person's credit score are:

ability to pay a loaninterestamount of credit usedsaving patternsspending patterns

debt

provide sufficient information to estimate default probabilities.

To obtain the country risk score, assigns a weighting to six categories. The threequalitative expert opinions are political risk (30% weighting), economic performance(30%), and structural assessment (10%). The three quantitative values are debtindicators (10%), credit ratings (10%), access to bank finance/capital markets (10%).

Qualitative assessments

Economic risk: participants rate each country for which they have knowledge from 0-10 across 6 sub factors to equal a score out of 100. The categories of economic riskscored are as follows: bank stability/ risk; GNP outlook; unemployment rate;government finances; monetary policy/ currency stability.

Political risk: participants rate each country for which they have knowledge from 0-10across 5 sub factors to equal a score out of 100. The categories of political riskscored are as follows: corruption; government non-payments/ non-repatriation;government stability; information access/ transparency; institutional risk; regulatoryand policy environment.

Structural risk: participants rate each country for which they have knowledge from 0-

10 across 4 sub factors to equal a score out of 100. The categories of structural riskscored are as follows: demographics; hard infrastructure; labour market/ industrialrelations; soft infrastructure.
http://en.wikipedia.org/wiki/Credit_worthinesshttp://en.wikipedia.org/wiki/Credit_worthinesshttp://en.wikipedia.org/wiki/Credit_worthinesshttp://en.wikipedia.org/wiki/Credit_rating/wiki/Corporationhttp://en.wikipedia.org/wiki/Credit_rating/wiki/Corporationhttp://en.wikipedia.org/wiki/Credit_rating/wiki/Corporationhttp://en.wikipedia.org/wiki/Default_(finance)http://en.wikipedia.org/wiki/Default_(finance)http://en.wikipedia.org/wiki/Default_(finance)http://en.wikipedia.org/wiki/Credit_rating_agencyhttp://en.wikipedia.org/wiki/Credit_rating_agencyhttp://en.wikipedia.org/wiki/Credit_rating_agencyhttp://en.wikipedia.org/wiki/Credit_rating_agencyhttp://en.wikipedia.org/wiki/Default_(finance)http://en.wikipedia.org/wiki/Credit_rating/wiki/Corporationhttp://en.wikipedia.org/wiki/Credit_worthiness


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The quantitative score factors

Access to bank finance/capital markets: participants rate each country'saccessibility to international markets on a scale of 0-10 (0=no access at all and

10=full access). These scores are averaged and then weighted to 10%. Debt indicators: calculated using the following ratios from the World Bank's GlobalDevelopment Finance figures: total debt stocks to GNP (A), debt service to exports(B); current account balance to GNP (C). Developing countries which do not reportcomplete debt data get a score of zero.

Credit ratings: nominal values are assigned to sovereign ratings from Moody's,Standard & Poors and Fitch IBCA. The ratings are converted into a score using a setscoring chart. This score is then averaged and the score weighted to 10%. Thehigher the average value the better.

Where there is no rating, countries score zero.

Economic assessment

Bank stability/risk: a measure of banking sector strength. 10 = a perfectlyfunctioning system with all possible exposures comfortably covered. 0 = a systemicbreakdown in the banking system has occurred.

Economic-GNP outlook: a measure of optimism/ pessimism for the for economicgrowth outlook. 10 = a strong likelihood of unprecedented and transformationalgrowth. 0 = a strong likelihood of a catastrophic recession.

Employment/ unemployment: measures the risk posed to the economy byunemployment. 10 = unemployment poses no risk to the economy. 0= unemployment poses a critical threat to the economy.

Government finances: measures a country's fiscal strength. 10 = the fiscal positionis highly solid and consistently generates huge surpluses. 0 = the fiscal position isunsustainable and default is almost certain to occur .

Monetary policy/currency stability: a measure of monetary policyeffectiveness/exchange rate risk. 10 = monetary policy is totally credible, effectivelyimplemented and exchange rate risk is non-existent. 0 = monetary policy lacks any

credibility and that the currency has already collapsed.

Political assessment

Corruption: a measure of how corruption affects country risk. 10 = there is nocorruption. 0 = corruption is endemic and a serious drag on stability and a majorcontributor of risk.

Government non-payments / non-repatriation: a measure of the risk governmentpolicies and actions pose to financial transfers. 10 = there is a non-existent risk ofgovernment interference. 0 = there is an extremely high risk of government

interference.Government stability: a measure of how stable a government is. 10 = thegovernment is extremely stable. 0 = the country has no functioning government and


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has already become a failed state.

Information access/transparency: a measure of the accessibility and reliability ofinformation and statistics. 10 = the flow of information is completely unrestricted/data is timely and highly reliable. 0 = the flow of information is totally restricted/ no

reliable statistical data exists.Institutional risk: a measure of the independence and efficiency of state institutions.10 = institutions are extremely efficient and totally independent. 0 = state institutionsare non-existent.

Regulatory and policy environment: a measure of the quality of the regulatoryenvironment and how well policy is formulated/ implemented. 10 = an extremelyconsistent, well-enforced regulatory environment and benevolent governmentpolicies. 0 = no regulatory environment exists.

Structural assessment

Demographics: a measure of the impact of the demographic profile on economicgrowth and political stability. 10 = an economically sustainable birth rate and a lowdependency-ratio that is resulting in unprecedented, long-term economic growth. 0 =demographic imbalances have catastrophically affected economic growth andpolitical stability

Hard infrastructure: a measure of the adequacy of a country's physicalinfrastructure. 10 = physical infrastructure meets all the countrys foreseeable needsand is perfectly-maintained. 0 = physical infrastructure is non-existent/entirelyinadequate for a countrys needs.

Labour market/industrial relations: a measure of the suitability of the labourenvironment for economic growth and political stability. 10 = a well-regulated andfunctioning labour environment. 0= a restrictive, volatile and unregulated labourenvironment.

Soft infrastructure: a measure of the health of the economic, medical andcultural/social institutions of a country. 10 = a highly skilled labour force, wellsupported by perfectly functioning social institutions. 0 = a countrys social institutionsare non-existent or have totally broken down

Obligaiuneaeste un titlu de valoare care atest calitatea de creditor adeintorului ei fa de emitent, emitentul obligndu-se s pltescdeintorului obligaiunii o sum anual fix, numit cuponul obligaiunii, pentreaga perioad de valabilitate a acesteia.

Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such

independent credit ratings and research also contribute to efficiencies in fixed-income markets and otherobligations, such as insurance policies and deriv- ative transactions, by providing credible and independent

assessments of credit risk.

Moodys default studies validate our predictive ratings. Our published research and investor briefings draw

thousands of attend- ees each year and keep investors current with the rationale underlying our credit opinions.


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Credit ratings are often confused with credit scores. Credit scores are theoutput of mathematical algorithms that assign numerical values to information in anindividuals credit report. The credit report contains information regarding the financialhistory and currentassets and liabilitiesof an individual.

The sovereign rating methodology ("criteria" and "methodology" are used interchangeably herein) addresses thefactors that affect a sovereign government's willingness and ability to service its debt on time and in full. The

analysis focuses on a sovereign's performance over past economic and political cycles, as well as factors that

indicate greater or lesser fiscal and monetary flexibility over the course of future economic cycles.

8. The five key factors that form the foundation of our sovereign credit analysis are:

Institutional effectiveness and political risks, reflected in the political score.

Economic structure and growth prospects, reflected in the economic score.External liquidity and international investment position, reflected in the external score.

Fiscal performance and flexibility, as well as debt burden, reflected in the fiscal score.

Monetary flexibility, reflected in the monetary score.


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The first step is to assign a score to each of the five key factors on a six-point numerical scale from '1' (thestrongest) to '6' (the weakest). Each score is based on a series of quantitative factors and qualitative

considerations described in subpart VI.C below. The criteria then combine the political and economic scores to

form a sovereign's "political and economic profile," and the external, fiscal, and monetary scores to form its

"flexibility and performance profile."

Standard & Poor's analysis of a sovereign's creditworthiness starts with its assessment and scoring of five key

rating factors (see table 1).

Each factor receives a score, using a six-point numerical scale from '1' (the strongest) to '6' (the weakest). A

series of quantitative factors and qualitative considerations, described in subpart VI.C below, form the basis for


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assigning the scores. The criteria then combine those five scores to form a sovereign's "political and economic

profile," and its "flexibility and performance profile"

Assessing The Five Main Sovereign Rating Factors

35. The analysis of each of the key five factors embodies a combination of quantitative and qualitative elements.

Some factors, such as the robustness of political institutions, are primarily qualitative, while others, such as theeconomy, debt, and external liquidity use mostly quantitative indicators.

1. Political Score

36. The political score assesses how a government's institutions and policymaking affect a sovereign's creditfundamentals by delivering sustainable public finances, promoting balanced economic growth, and responding to

economic or political shocks.

37. The political score captures the factors listed below, which are uncorrelated with any particular political

system:

The effectiveness, stability, and predictability of the sovereign's policymaking and political institutions(primary factor).

The transparency and accountability of institutions, data, and processes, as well as the coverage and reliabilityof statistical information (secondary factor).

The government's payment culture (potential adjustment factor).

External security risks (potential adjustment factor).


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The potential effect of external organizations on policy setting (potential adjustment factor).


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2. Economic Score

51. The history of sovereign defaults suggests that a wealthy, diversified, resilient, market-oriented, and

adaptable economic structure, coupled with a track record of sustained economic growth, provides a sovereigngovernment with a strong revenue base, enhances its fiscal and monetary policy flexibility, and ultimately boosts

its debt-bearing capacity. We observe that market-oriented economies tend to produce higher wealth levels

because these economies enable more efficient allocation of resources to promote sustainable, long-term

economic growth.


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52. The following three factors are the key drivers of a sovereign's economic score:

Income levels.Growth prospects. E

Economic diversity and volatility.

The criteria derive an initial score based on a country's income level, as measured by its GDP per capita


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b) Economic growth prospects

The key measure of economic growth is real per capita GDP trend growth.

More specifically, the real per capita GDP trend growth is the average of six years historical data, our current

year estimate and three-year forecasts. The latest historical year, current year estimate, and forecasts are

weighted 100%, while previous years are assigned a lower weight in order to avoid a cliff effect when an

exceptional year drops out of the 10-year average. The source for historical data is national statistics.

Such estimates are generally derived from empirical observations based on the recent past and longer-termhistorical trends, and they attempt to look through the fluctuations of an economic cycle, during the period being

analyzed.

he criteria use the average growth in a country's real per capita GDP over a 10-year period, which generally

covers at least one economic cycle

c) Economic diversity and volatility

3. External Score

The external score reflects a country's ability to generate receipts from abroad necessary to meet its public- and

private-sector obligations to nonresidents. It refers to the transactions and positions of all residents (public- andprivate-sector entities) versus those of nonresidents because it is the totality of these transactions that affects the

exchange rates of a country's currency.

Three factors drive a country's external score:

The status of a sovereign's currency in international transactions.The criteria assign a better external liquidity score to sovereigns that control a "reserve currency" or an "actively

traded currency." These sovereigns have a common attribute: Their currencies are used (widely for reserve

currencies) in financial transactions outside their own borders, which means that they may be less vulnerable toshifts in investors' portfolios of debt holdings than are other countries

Sovereigns with a reserve currency. A sovereign in this category benefits from a currency that accounts for

more than 3% of the world's total allocated foreign exchange reserves

Sovereigns with an actively traded currency. A sovereign in this category benefits from a currency that

accounts for more than 1% of global foreign exchange market turnover

The country's external liquidity, which provides an indication of the economy's ability to generate

the foreign exchange necessary to meet its public- and private-sector obligations to nonresidents. The key measure of a country's external liquidity is the ratio of "gross external financing needs" to the sum of

current account receipts plus usable official foreign exchange reserves

The "gross external financing needs" in table 5 is the average of the current-year estimate and forecasts for the

next two to three years. Standard & Poor's forecasts a country's gross external financing needs first by reviewing

the country's historical balance of payments and international investment position, the official government and

the central bank's own forecasts (when available), and those of independent economists and the IMF

Usable foreign exchange reserves represent the sum of liquid claims in foreign currency on nonresidents under

the control of the central bank and gold holdings.

The country's external indebtedness, which shows residents' assets and liabilities (in both foreign

and local currency) relative to the rest of the world.72. Standard & Poor's key measure of a country's external indebtedness is the ratio of "narrow net external debt"

to current account receipts

The term "narrow" in the description of net external debt refers to a more restricted measure than some widely


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used international definitions of net external debt. The calculation of "narrow net external debt" subtracts from

gross external indebtedness only the most liquid external assets from the public sector and the financial sector

4. Fiscal Score

The fiscal score reflects the sustainability of a sovereign's deficits and debt burden. This measure considers fiscal

flexibility, long-term fiscal trends and vulnerabilities, debt structure and funding access, and potential risks

arising from contingent liabilities.

The analysis is divided into two segments, "fiscal performance and flexibility" and "debt burden" which are

scored separately. The overall score for this rating factor is the average from the two segments.

81. To determine a sovereign's fiscal performance and flexibility score, these criteria first derive an initial score

based on the prospective change in nominal general government debt calculated as a percentage of GDP.

The key measure of a government's fiscal performance is the change in general government debt stock during the

year expressed as a percentage of GDP in that year.

The government is able and willing to raise revenues through increases in tax rates, in tax coverage, or through

asset sales in the near term. Revenue flexibility is a qualitative assessment based on the government's policy ortrack-record, but also taking into account the potential constitutional, political, or administrative difficulties, as

well as potential economic or social consequences of such measures

b) Debt burden89. The debt burden score reflects the sustainability of a sovereign's prospective debt level.This score also reflects risks arising from contingent liabilities with the potential to become government debt if

they were to materialize.


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5. Monetary Score107. A sovereign's monetary score reflects the extent to which its monetary authority can support sustainableeconomic growth and attenuate major economic or financial shocks, thereby supporting sovereign

creditworthiness. Monetary policy is a particularly important stabilization tool for sovereigns facing economic

and financial shocks. Accordingly, it could be a significant factor in slowing or preventing a deterioration ofsovereign creditworthiness in times of stress.

Lingueala niciodat nu izvorte din sufletele mari, e apanajul sufletelormrunte ce izbutesc s se faca i mai mici pentru a intra mai bine n sferavitala a persoanei n jurul creia graviteaz

a credit rating evaluates the credit worthiness of an issuer of specific types of debt

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