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credit risk models ,

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S & Ps Fitch:AAA,AA,AA+,AA,AA-,A+,A,A-,BBB+,BBB,BBB,BB+,BB,BB-,B+,B,B-,CCC+,CCC,CCC-,CC,C,RD,D
Moodys:Aaa,Aa1,Aa2,Aa3,A1,A2,A3,Baa1,Baa2,Baa3,Ba1,Ba2,Ba3,B1
,B2,B3,Caa,Caa2,Caa3,Ca,C


,
6
(Country risk rating agencies). Economist
Intelligence Unit (EIU), Euromoney, Institutional Investor (II),
International Country Risk Guide (ICRG), Moodys Standard
& Poors (S&P).
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(
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29



. ,
. Euromoney, II ICRG
0 100.
EIU
E
. Moodys
C AAA

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: C, CA, CAA, B, BA, BAA, A, AA,
AAA.
Moodys, S&Ps.

,
.
30

 S&Ps


Entity

Local Currency

Foreign Currency

Abu Dhabi (Emirate of)

AA/Stable/A-1+

AA/Stable/A-1+

AA+/--/--

Andorra (Principality of)

AA/Negative/A-1+

AA/Negative/A-1+

AAA/--/--

Argentina (Republic of)

B+/Stable/B

B+/Stable/B

Australia (Commonwealth of)

AAA/Stable/A-1+

AAA/Stable/A-1+

AAA/--/--

Austria (Republic of)

AAA/Stable/A-1+

AAA/Stable/A-1+

AAA/--/--

Bahamas (The Commonwealth of

The)
Bahrain (Kingdom of)
Barbados

A-/Positive/A-2

A-/Positive/A-2

A/--/--

A/Stable/A-1
A-/Stable/A-2

A/Stable/A-1
BBB+/Stable/A-2

AA-/--/-A-/--/--

Belarus (Republic of)

Belgium (Kingdom of)

BB/Stable/B
AA+/Stable/A-1+

B+/Stable/B
AA+/Stable/A-1+

B+/--/-AAA/--/--

Belize
Benin (Republic of)
Bermuda

B/Stable/B
B/Stable/B
AA/Positive/A-1+

B/Stable/B
B/Stable/B
AA/Positive/A-1+

B+/--/-BBB-/--/-AAA/--/--

National Scale

raAA/Stable/--

T&C Assessment

BB/--/--

http://www.standardandpoors.com/ratings/articles/en/us/?assetID=1245219962821

32

Albania
6
Algeria
4
Angola
7
Antigua & Barbuda
7
Argentina
7
Armenia
7
Aruba
4
Azerbaijan
6
Bahamas
3
Bahrain
3
Bangladesh 6
Belarus
7
Belize
6
Benin
7
Bolivia
7
Bosnia-Herzegovina
7
Botswana
2
Brazil
6
Brunei
2
Bulgaria
4
Burkina Faso
7
Cameroon
7
Cape Verde 7
Islands
Central Africa
7 Rep.
Chad
7
Chile
2
China
2
Chinese Taipei
1
Colombia
5
Congo, Dem.
7 Rep.
Congo Rep. 7
Costa Rica. 3
Croatia
4
Cuba
7
Cyprus
3
Czech Republic
2
Dominican Republic
6
Ecuador
7
Egypt
4
El Salvador 4
Equatorial Guinea
7
Estonia
3
Ethiopia
7
Gabon
7
Gambia
7
Georgia
7
Ghana
7
Guatemala
6
Guinea
7
Guinea-Bissau
7

Guyana
7
Haiti
7
Honduras
7
Hong Kong
2
Hungary
2
India
3
Indonesia
6
Iran, Islamic 4
Rep.
Iraq
7
Israel
3
Ivory Coast
7
Jamaica
6
Jordan
6
Kazakhstan 5
Kenya
6
Korea, Dem.7
Rep. (Nor)
Kuwait
2
Kyrgyz republic
7
Laos
7
Latvia
3
Lebanon
7
Lesotho
6
Liberia
7
Libya
7
Lithuania
3
Macao
2
Macedonia, FYROM
7
Madagascar 7
Malawi
7
Malaysia
2
Maldives
5
Mali
7
Malta
3
Mauritania
7
Mauritius
3
Mexico
3
Moldova
7
Mongolia
7
Morocco
4
Mozambique7
Myanmar (Burma)
7
Nepal
7
Netherlands 5
Antilles
Nicaragua
7
Niger
7
Nigeria
7
Oman
3
Pakistan
6
Panama
4
Papua New Guinea
6

Paraguay
7
Peru
5
Philippines
5
Poland
2
Qatar
3
Romania
4
Russian federation
4
Rwanda
7
Saint Kitts &
7 Nevis
Saint Vincent
5 & Gren
Sao Tome & 7
Principe
Saudi Arabia3
Senegal
6
Seychelles
7
Sierra Leone7
Singapore
NB
Slovak Republic
3
Slovenia
2
Solomon Islands
7
Somalia
7
South Africa 3
Sri Lanka
5
Sudan
7
Suriname
7
Syrian Arab Republic
7
Tajikistan
7
Tanzania
6
Thailand
3
Togo
7
Trinidad & Tobago
2
Tunisia
3
Turkey
5
Turkmenistan
7
Uganda
7
Ukraine
6
United Arab Emirates
2
Uruguay
6
Uzbekistan
7
Venezuela
7
Vietnam
5
Yemen, Republic
6
Yugoslavia, FR
7
Zambia
7
Zimbabwe
7

33



VAR (Value At Risk).

. ..
var 1 . 95
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100 ,
95 100
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40