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Rating) 1. Б╖Б╖ епw╢w═aИ(Credit Rating)eЬ w╗еКi╖ iдЧ╨a╨eУ бЛє┤, qЛW╖бЛ┼ЙA╡ БФa╨a╡ Б╕Бвwм╫╤, wЙA╣т╕ ┼╤wЙ wЧ ў╕б├ЕwЙA╣т╕е╖ a╢бнiЧi╖ бЙaЭa╨a╡ iдЧ╨a╕Б╖ епе╖бХiЯ wЧsЛa╖бЭсм aРa╚БРeУ їИi╖ Б╖бгe╨aФ. б╖сЬe╨ епw╢w═aИeУ бЛеет╕a╖бЭ Б╩a╕aИ┴╡ w╗еКiдЧ╨aмeИБ╖ ў╕беБ╖ бзБФ╖├ўмi╖ ┼╡┴╤e╨aФeУ Б╖Б╖iЯ xИeУaФ. b╗ й╖eд Б╩a╕aИiЧe╖ Б║впЕБ└еКб╖ с┤сШe╨ с╢ё╨a╨A╡ щ┤aаeаq╟Б╖ Бов╖IЯi╖ A╣╖Йa╨eУб╗ w╗еКiдЧ╨aмA╡ бзa╨a╡ ў╕┬╤e╨ ў╕беiЯ aИб╗бЛ с┤sЭaФ. Б╡iЯ iЧс┤ e╨ВКБ╖ Б╩a╕a╕aИ е╖бХAСбпa┤Б╖ e╨ бЛє┤б╖ iдЧ╨a╨eУ e╡ 40% б╖a╕I╖Б╖ Б└еКi╖ БК│╖a╨aЭ e╨aФбЙ ЧмbИБ╨беa╕. б╖БШ Б╩a╕a╕eУ Б╢хм б╖ бЛє┤б╖ б╖a╕┴╡ е╢qЛi╖ wм┼╤i╨ Бо ╢╖eУ хИх╕e╨ A╥aме╖б╗, е╢бЯqЛ wм┼╤бпбЛA╡ ┼╤I╖eе╖Хa╖бЭ енБ╨iЯ беб╗eУ g┤i╖б╗, aЛ A╢ е╖бХAСбпa┤A╡ Б╞A╔a╚aИ й╖с┤aРсм е╢бЯqЛ wм┼╤б╖ с┤sЭб╗eУ g┤i╖б╗ wЧ ў╕б├ЕwЙA╣т╕ a╢е╖i╖ бЙaЭa╨a╡б┤ e╨aФ. й╖eдт╕a╖бЭ Б╩a╕a╕iЧe╖ a╡сЬ бЛє┤iЧб╖ iдЧ╨e╨ w╗еКiЧi╖ бзaКa╨a╡ б═a╦й═бЯб╡iЯ БКўмa╨aгбЭ, бзaКЕжтмБ╨б┤ i╨ w╗еКБ╖ Бо┴╡ б╖A╡ aШeЯ бзw╢e╖ бЛa╨sЛБот╕a╖бЭ w╗aИa╨AЙ EЦaФ. aШaЬсм Б╩a╕aИiЧi╖ БФепa╨a╡ a╡сЬ w╗еКiдЧ╨aмiЧБ╖ епw╢i╖ бббУс╚╖Яa╨eУ смбзaпaИ a╢БКAЦс┤б╗aб, aдбЭ епw╢w═aИaмiЧб╖ й╖ў╕e╨ БоБоaЮiЯ hдa╖eбсм б╖сЬe╨ смбзaпiЯ A╣╖Йa╨AЙ AЦeУ їИб╖aФ. б╖iЧe╖ w╗еКiдЧ╨бЛ┼Йi╖ в╗є╕ йпaмa╨eбсм б╖iЧA╡ БФe╨ епw╢i╖ б╗БобЭсм w═aИa╨бЙ Б╩a╕aИiЧA╡AЙ б╖iЯ A╣╖Йa╨AЙ EЦaФ. 2. епw╢w═aИБ╖ b╡aм┴╡ iдх╕ епw╢w═aИA╥aм(Credit Rating Agencies: CRAs)iЧe╖ 1800eСБФ бгВКA╡см Б└Бвa╕Б╖ епw╢i╖ w═aИa╨бЛ с╢a╨a╡ e╚Чмa╨v╡aФ. 1837eС Louis Tappane╖ wме╖iЧБ╖ епw╢i╖ w═aИa╨eУ A╥aмiЯ щм│Яa╨v╡eУAХ, б╖eУ e╤Б╕ AнБЙ 3БФ епw╢w═aИA╥aм Ч║ a╨aРе╖ Moody's Investor Service(1933eС щм│Я)бЭ iдх╕a╨v╡aФ. б╖Б╥ Standard and Poor'saм(S&P's)Б╖ х╕епе╖ Poor's Publishing Companies(1916), Standard Statistical company(1922), aЛбЯбЙ Fich IBCAБ╖ х╕епе╖ Fitch Publishing Companies(1924)wЧБ╖ щм│Яб╖ б╖с┤v╣aФ. aЛ Б╥A╡бХ Thomson Bankwatch rates financial institutions, A.M. Best rates insurance companies┴╡ {Иб╖ епw╙бпw╕б╖aР беё╨є┤ wЧ b├ў╕ бпw╕A╡ b╦┴╤EЦ епw╢w═aИaмБ╖ щм│ЯбХ БЙвнAЦЎ┤aФ. епw╢w═aИaмБ╖ ┬╤БФ w╗aИ┴╡ сФЙжс┤ w═aИБФwмбХ с└q╖Б╖ wме╖i╖ БФwмa╖бЭ e╨ епw╢бХ w═aИA╡см w╗еК, CP, ABS(a╕eмA╖╖Х┴╤w╗еК) wЧa╖бЭ ┬╤БФAЦЎ┤aФ. бЩe╨ хме╗ВКЕкeа a┤бУaЬ епw╙бпw╕ВКA╡смбХ й╖ў╕e╨ w╗еКA╡ ╢╖с┤см епw╢w═aИiЯ wИA╣q╨a╖бЭсм епw╢w═aИaмБ╖ б╗бЯт╕ ┬╤БФбХ б╖БЮс┤б╗AЙAЦЎ┤aФ. e╤Б╕ Moody's, S&P, Fitch IBCA wЧб╖ AнБЙ 3БФ епw╢w═aИaмб╖A╢A╡ bИ ВКaИ ╣г б╗b╡iебЭ 34БИ б╖wмБ╖ епw╢w═aИaмiЧб╖ ╔╤╖Х Ч║A╡ ╢╖aФ. епw╢w═aИБ╖ ╔╤w╢eбA╡смбХ eФЕоб╙ Б╩a╕a╕A╡AЙ Б╩a╕Б╖ бЛб┴a╕aЮiЯ A╣╖Йa╨eУ їИЕкeа a┤бУaЬ, 1990eСБФA╡ б╖aЯсЬсмeУ Б╕БвхИх╕ўм qИвХ(regulatory process)Б╖ БоeФa╖бЭсм ╔╤w╢AЦбЛ бпb╕a╨v╡aФ. b╦б╙ qЛW╖бЛ┼Йб╖ xРe╖ wЧsЛБ╖ w╗еКi╖ й╖ў╕╖Ь б╖wм беA╖a╨eУ їИi╖ A╣e╨a╨eУ хИх╕ўм qИвХБ╖ БоeФa╖бЭсм епw╢w═aИaИ б╖w╢AЦбЙ ╢╖aФ. A┬eЛ Basel с╢е╢A╥Б╖ a╕ееAЛA╣БИiд▒╦A╡смeУ a╕бЛa╕ееAЛA╣(capital requirement)wм ВКaИ ╣г егeИБжЕвA╡ БФe╨ с╢ё╨i╖ w═aИq╨A╡ ╢╖с┤см епw╢wЧsЛi╖ eдw╡a╨a╕eУ Б╖eЙi╖ A╣бпe╨aд ╢╖aФ. 3. епw╢w═aИ ┴Йў╕ ╣г A┴БЙ епw╢w═aИ┴Йў╕e╖ Б╢хм w╗еКi╖ iдЧ╨a╨aЭeУ ВКaИ, qЛW╖бЛ┼Й бЩeУ бЛє┤б╖ епw╢w═aИaмA╡ iдЧ╨a╕Б╖ епw╢бХ w═aИiЯ Б╖AЮa╨eУ їИa╖бЭ бпb╕EЦaФ. б╖ wЙБ╢ епw╢w═aИaмiЧe╖ iдЧ╨aмБ╖ Б╕БвA╣a╬, бнA╖БКб╣, бЛa╚ iдЧ╨aмaИ внe╨ wЙA╣ aмA╥т╕ ┼╤wЙA╡ БФe╨ aмх╕┴╡ iдЧ╨бЛ┼ЙБ╖ йпaмe╨ Б╥ wЧsЛi╖ Бжa╡a╨AЙ EЦaФ. б╖БШ Бжa╡AЦeУ епw╢wЧsЛe╖ бЛeИiебЭeУ w╕ЕeФбЛwЧsЛ, Б╩a╕т╕bЙa╡БжA╡ aШaЬ Б╩a╕т╕bЙ┴Й Б╩a╕Бжт╕bЙ wЧsЛa╖бЭ БКЕжAЦс┤ Бжa╡EЦaФ. w╕бЛепw╢wЧsЛA┴БЙ <><S&P><Moody's><бзбЙ> <Б╩ ><AAA><Aaa><епw╢бХ БаБ╢ ╝Сq╖>< AA+ ><Aa1 ><епw╢бХ ╝Сq╖><A+ ><A1 ><епw╢бХaИ ╝Сa╖aР Б╡A╢т╕е╖ wЙБ╢A╡eУ qЛх╕т╕ Б╖Бвб╖Ч╨ aИwУўмб╖ с╕a╨IЦ Бо ╢╖q╖><BBB+ ><Baa1 ><епw╢бХaИ ╖┤б╤a╨aР ╖╨Б╥ Бжў╕т╕е╖ wЙA╣a╡хИa╨A╡смeУ qЛх╕т╕ Б╖Бвб╖Ч╨wУbЭб╖ в┤┴╤IЦБо ╢╖q╖> <Б╩ ><BB+ ><Ba1 ><eФбЛт╕a╖бЭ qЛх╕Б╖Бвб╖Ч╨wУbЭб╖ ╢╖a╖aР ╖╨Б╥ Бжў╕т╕ a╡хИA╡смeУ Б╖Бвб╖Ч╨wУbЭб╖ в┤┴╤IЦ aИwУўмб╖ ╝Сq╖><B+ ><B3 ><e╤Б╕ qЛх╕т╕ Б╖Бвб╖Ч╨wУbЭe╖ ╢╖a╖aР ╖╨Б╥ Бжў╕т╕ wЙA╣a╡хИa╨A╡смeУ Б└Бвб╖Ч╨wУbЭб╖ wмwФб╙ енwмIЦ Бо╢╖q╖><CCC+ ><Caa3 ><e╤Б╕ qЛх╕т╕ Б╖Бвб╖Ч╨a╡БжaИ Йж┬╤йпq╨><CC><Ca><e╤Б╕ qЛх╕Б╖Бвб╖Ч╨a╡БжaИ БаБ╢ Йж┬╤йпq╨><C><C><D><> <84 eФбЛ >< A-1, A-2, A-3, ><P-1, P-2, P-3, NP><Б╩a╕т╕bЙ(A-1, A-2, P-1, P-2)б╖с┤б┤ CP iдЧ╨aИwУ> А@b