Critically appraise the influence of the Credit Rating Agencies (CRA’s) on the ability of businesses and governments to raise finance in the global financial markets.

Global Finance

Coursework Assignment

Critically appraise the influence of the Credit Rating Agencies (CRA’s) on the

ability of businesses and governments to raise finance in the global financial

markets.

(Word Count approximately 2500 words)

The assignment is worth 50% of your overall market

Marking criteria

>D2 All the required elements have been well addressed;

appropriate and clear use of references; well supported

argument with evidence; appropriate use of all the relevant

information; Good presentation of arguments;

D1-P5 All the required elements have been fully addressed; clear

use of references; argument are supported by evidence;

appropriate use of all the relevant information; Good

presentation of arguments;

P4-P3 All the required elements have been addressed; some

reference used; argument are supported by some relevant

evidence; there is relevant information but not fully

discussed.

P2-P1 At most one element has not been addressed; little

reference used; some relevant information used; argument

is not well supported by relevant evidence;

 Little reference used; no information used; argument are not

supported by relevant evidence;

No reference used; no information used; argument is not

supported by relevant evidence;

Credit Rating Agencies (CRAs) are experts in provision of information

concerning bond creditworthiness of business entity, government or institution. Creditworthiness

is essentially the possibility of an issuer defaulting on the total amount loaned and/or the interest

accrued on bonds. In simple terms, CRAs are commercial entities that evaluate the ability of

businesses, governments and institutions to repay their debts. The assessment is done by

allocating credit ratings on a standard letter-grade scale that indicates the opinion of a rating

agency as of a give date regarding the creditworthiness of a given corporate entity, obligation or

security (Elkhoury 6). It is instructive to note that, rating agencies are not all-knowing judges of

whether particular debtors will service their debts or not. They merely provide a subjective

opinion concerning the creditworthiness of companies, institutions and governments.

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