Znaczenie credit ratingu w procesie pozyskiwania kapitału

Abstract

The purpose of this article is to present the nature of credit rating and the role of rating in the process of raising capital. The credit rating plays more and more important role on the financial markets, especially on the international debt capital market. The main role of credit ratings is to enhance transparency in financial markets by reducing an information asymmetry between borrowers and lenders. Credit rating can help a company to widen an access to the credit providers and may result in lower borrowing costs. The role of the credit rating will increase because of an implementation of The New Basel Capital Accord (Basel II). The Accord’s rules will be fully implemented in 2008. According to the rules, a creditor (bank) will have to determine risk weights using external or internal rating. It seems, there will be a strong influence of the level of rating on the bank and on the borrowers.