Akademik Veri Yönetim Sistemi
Business and Economics Research Journal, cilt.10, sa.2, ss.391-404, 2019 (Hakemli Dergi)
The three main credit rating agencies, Standard and Poor’s, Moody’s andFitch, use a combination of economic, social and political factors to determine thecapacity and current and future debt obligation of countries. This study contributes toliterature in two ways. The first one is comparison of results obtained by rating countrieson various macroeconomic variables using credit scores given by the three main creditrating agencies and using the MOORA method. The second one is the determination ofhow optimistic or pessimistic country-based results the three main credit rating agenciesyield according to their estimates by macroeconomic variables. Among the three ratingagencies, Moody’s make the most optimistic estimates in terms of its rating of countries.Moody’s is followed by Standard and Poor’s, and the credit rating agencies that makethe most pessimistic estimates is observed to be Fitch.