UDC 336.774.3
Biblid: 0543-3657, 66 (2015)
Vol. 66, No 1160, pp. 93-106

Original scientific paper
Received: 28 Apr 2015
Accepted: 28 May 2015


Ferjan Igor (Igor Ferjan, General Secretary B&H “RDF”, The Reconstruction and Development Fund Geneve), igorferjan@hotmail.com

Credit rating has an important role as an economic instrument in investment decision-making. Nowadays, credit rating agencies play an important role in terms of global investment. These agencies did play a major part over the past century, but their role in the economic crisis has led to a great discussion regarding their business and their susceptibility to various influences. All this has led to controversy and to a general attitude about opening the markets, both in the EU and in the rest of the world. Therefore, on account of credit rating in the global investment ranking, this process should not be neglected and left to a handful of people to manage, thus indirectly enabling them to control the world. Hence, the results of the research presented in the paper accomplished its primary objective: to affirm both credit rating as an economic instrument and impartiality of credit rating agencies. The paper elaborated the most important determinants of both credit rating itself and the concept of credit rating agencies. Particular attention was paid to various impacts affecting credit rating agencies indirectly affecting the global economic crisis. The paper elaborated several thematic units with respect both to the credit rating and credit rating agencies, likewise including a representative example of the impact of rating agencies in the creation of economic crisis. Finally, the paper proposed measures on how to properly establish a credit rating via the European Credit Rating Agency.

Keywords: rating, agency, investment, state