وكالات التنقيط كأداة لتفعيل الاستثمار في سوق السندات

Abstract EN

In general, rating agencies are one of the most active actors in the financial markets, and more precisely in bond markets (debt markets).

In fact their work is to reduce what economists call the divergence of information between borrowers and investors.

In the lack of sufficient information to make the investing decision of purchasing the issued financial products, the investor uses the rating to estimate the level of financial risks as well as the borrower's ability to honor its current and future commitments.

Thus, the ratings assigned by the agencies plays an essential role in the assessment of the attractiveness of bonds, so any change on the bond rating may influence its price in the financial market.

However, rating agencies are the subject of various criticisms, which has led to reforms that ensure more transparency in the rating of bonds issuer’s credit worthiness, whether they are countries or companies.