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Rating Withdrawal as a Sign to Reassessment of Borrower's Credit Quality

Student: Zevaeva Liubov

Supervisor: Marat Z. Kurbangaleev

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

Credit ratings are an important part in decisions made by external agents about credit worthiness of the company as rating agencies obtain insider information not available in the market on which base the level of credit rating is established. When rating is withdrawn part of the previously available information is hidden. The question of research – how credit worthiness of the company changes, is there any differences between withdrawn ratings and credit quality of the whole rating mass. So the object of the research are ratings not the market reaction. By the methods of data analysis and statistics was proved that rating withdrawal increases the probability of default and respectively withdrawal shows additional information to the market.

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