Changing Bond Price Using Process of Credit Rating

In this paper I analyzed the market of credit rating agencies. The aim of the study is answering on the question of the optimal strategy for obtaining credit ratings for the issuance of debt securities when it is placed by a company which seeks to place the paper with lowest cost of servicing this debt. The study describes the scientific papers on this subject, which help to understand the structure of the industry, its characteristics and problems that can be used in building the optimal strategy. As research methods theoretical and empirical methods were selected. In the first case, I had built a game microeconomic model in which three participants interacted: issuers and two rating agencies. Using the analysis of this model number of conclusions was obtained which, firstly, confirmed the results of previous researches of this problem, and secondly, given me the answers to the questions I posed. Empirical analysis based on the collected observations on emissions and assigning them ratings. By using econometric tools for analysis some results were obtained that help to answer the questions I posed. In general, the work achieved its task. Answers of basic questions have been received. In addition, this work was one of the first that focused just on this side of the question, so she gave a start for further research in this area.