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Working paper

Рейтинговые модели для развивающихся рынков

The Basel II Accords have sparked increased interest in the development of approaches based on internal ratings systems and have initiated the elaboration of models for remote ratings forecasts based on external ones as part of Risk Management and Early Warning Systems. This article evaluates the peculiarities of current ratings systems and addresses specific issues of development of econometrical rating models for emerging market companies. Financial indicators, market-value appraisals and macroeconomic indicators of different countries were used as explanatory variables. Standard & Poor’s and Moody’s ratings were considered as modeling ratings.