Xayrullo Khasanov,
PhD, Head of the Center for coordination of the activities
Of Five initiatives, clubs and section of the TSUE
Tashkent, Uzbekistan. E-mail: [email protected]
ORCID: 0009-0008-1740-9570
JELClassification: G24 M21
Abstract: This article describes the reforms being implemented in the field of access to international ratings of large joint-stock companies operating in our country and the results achieved. According to the S&P sovereign rating methodology, the agency can assign two types of ratings to countries: general and specific financial obligations. While the general rating reflects the agency’s opinion on the ability of a debtor state to fulfill all its financial obligations on time, the second type of rating serves to measure the credit risk of a specific type or individual financial obligation. The likely future direction of the rating, in turn, can be of two types – outlook and watch list (CreditWatch). The outlook assigned to a country indicates how its long-term rating may change in the medium term (usually 6 months to 2 years). There are four types of expectations – «positive» (the rating may increase), «negative» (may decrease), «stable» (does not change) and «developing» (it is uncertain whether the rating will increase or decrease in the future). The probability of a rating change according to a given expectation is 1/3. In covering the scientific article, the scientific views, conclusions and approaches of leading domestic and foreign economists were studied. Based on their conclusions, the author’s approach was formed. The importance of international ratings in the development of the national economy and the state’s international relations was highlighted. The practical results of obtaining sovereign credit ratings by joint-stock companies were studied. Scientific recommendations were also developed to strengthen international ratings.
Key words: international rating, sovereign debt, risk, capital market, underwriter, debt, credit, strategy, financial stability, index, indicator.