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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Elena Muxina
Development of russian corporate ratings
Master’s programme
2014
Rating services market is one of the fastest growing financial services sector, highly interconnected with economic processes on financial markets and in the banking system. Demand for corporate ratings is generated by individual investors as well as by financial institutions. However, since the coverage of rated companies remains insufficient for deep analysis, and the estimates contain a high proportion of subjectivity the development of rating model replicable for large number of companies is a goal of current interest. Moreover financial infrastructure extension in Russia stimulates research in the field of risk assessment primarily realized through designing internal rating systems. In this regard an overview and systematization of existing rating approaches is presented and the analysis of international rating agencies’ best practice is conducted within the framework of current work. A new model estimating the probability of bankruptcy based on studied materials is developed. Elaborated algorithm allows model replication on significant number of companies with regard to Russian industrial peculiarities of doing business and permits constructing the sectorial risk profile of the Russian economy. The study identified sectors with the highest concentration of companies with high probability of bankruptcy - electricity and coal industries.

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