This article assesses the applicability of credit ratings provided by the three (primarily) US-based rating agencies (Moody’s Investor Services, Standard and Poor’s, and Fitch Ratings) in assigning creditworthiness of corporate entities in emerging markets. When a corporate client approaches a bank for a loan, the bank assesses the creditworthiness of the corporate. More specifically, the bank must assess the risk involved in the specific transaction, usually by establishing a credit rating for the corporate. This is an inherently difficult exercise because corporates seldom fail, so default data are sparse. However, it is important to model these rare events as accurately as possible because of the effect corporate failures could potentially unleash on the country’s economic milieu.

中文翻译：

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新兴经济体银行在评估公司信用时调整代理机构评级的动机

本文评估了三个（主要是）美国的评级机构（穆迪投资者服务，标准普尔和惠誉评级）提供的信用评级在分配新兴市场中公司实体的信用度方面的适用性。当公司客户向银行寻求贷款时，银行将评估公司的信誉。更具体地说，银行必须通常通过建立公司的信用等级来评估特定交易中涉及的风险。这是一项固有的难题，因为公司很少失败，因此默认数据很少。但是，重要的是要尽可能准确地对这些罕见事件进行建模，因为公司倒闭可能会影响该国的经济环境。