Subject. Credit rating agencies (CRAs) as a key element of the global financial market (GFM) and their role in assessing the creditworthiness of issuers. Special attention is paid to the dominance of the 'big three' and the challenges associated with their politicization, as well as the development of Russian R&D under sanctions. Objectives. Assess the impact of the government's sovereign rating on the credit rating of a corporate issuer by constructing a matrix of default probabilities. Methods. Methods of comparative and systematic analysis, historical-logical approach, as well as statistical data from S&P Global Ratings and the methodologies of the rating agency ACRA were used to construct the default probability matrix. Results. The 'big three' agencies, controlling more than 95% of the modern rating industry, act as a soft power of the leaders of modern international financial relations, which leads to the underestimation of credit ratings for developing countries. When the sovereign rating is downgraded, the probability of default for a corporate issuer increases significantly even if the company's financial condition remains unchanged, as evidenced by the default probability matrix. Relevance. The results of the study can be used by corporate issuers to manage credit risks.
Keywords: rating agencies, mapping, rating scales, probability of default, financial market
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