skip to main content
Language:
Search Limited to: Search Limited to: Resource type Show Results with: Show Results with: Search type Index

Non-Economic Reasons for Differences in the Evaluation of International Rating Agencies: Evidence from Russian and Foreign Companies

Journal of economic & management perspectives, 2017-09, Vol.11 (3), p.1640-1646 [Peer Reviewed Journal]

Copyright International Economic Society 2017 ;ISSN: 2523-5338 ;EISSN: 2523-5338

Full text available

Citations Cited by
  • Title:
    Non-Economic Reasons for Differences in the Evaluation of International Rating Agencies: Evidence from Russian and Foreign Companies
  • Author: Pachkova, Olga ; Yakupov, Adel ; Mikheeva, Kseniya
  • Subjects: Annual reports ; Banking industry ; Bond ratings ; Cash flow ; Credit ratings ; Economic crisis ; Financial leverage ; International finance ; Natural gas ; Objectivity ; Rating services ; Ratings & rankings ; Subjectivity
  • Is Part Of: Journal of economic & management perspectives, 2017-09, Vol.11 (3), p.1640-1646
  • Description: This paper presents a brief analysis of a sample of 13 companies, representing seven countries, functioning in such basic industries as oil extraction and processing, transportation, extraction and transportation of the natural gas. The selected firms fairly well known and appreciated by international rating agencies S&P, Moody's and Fitch. This article is studying the quantitative financial indicators for creditworthiness, financial stability and reliability of the corporations. The defining determinants the analysis, where the level of financial leverage, liquidity and profitability, coverage ratios and interest payments, the amount of free cash flow. The calculation is based on the financial and annual reports, investment sites (finam.ru and ru.investing.com) for the last 2 years (2014-2015). Also taken into account such qualitative features, seriously affecting the prospects of functioning and development, as the level of state support, the political and economic situation in the country and the level of management. It was found that with the same credit ratings BB+ from S&P, the Russian Gazprom and American Icahn Enterprises (production and transportation of natural gas), the company's financial performance from the Russia less risky for lenders. On the basis of the comparison of indicators and comparing them with the offered credit ratings, the conclusion was made about the presence of subjectivity and politicization at the Russian companies "The big three" rating agencies.
  • Publisher: Mersin: International Economic Society
  • Language: English
  • Identifier: ISSN: 2523-5338
    EISSN: 2523-5338
  • Source: ProQuest Central
Back to results list
INSPIRE LIBRARY - TON DUC THANG UNIVERSITY (84-028) 37 755 057 Feedback
19 Nguyen Huu Tho St. Dist.7, HCM thuvien@tdtu.edu.vn

Copyright © 2017 INSPIRE LIBRARY - TON DUC THANG UNIVERSITY

Searching Remote Databases, Please Wait