Credit Rating Agencies in the Face of the War in Ukraine
Journal: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Year: 2023

The aim of this study was to find evidence of whether the ratings prior to Russia’s reinvasion of Ukraine in 2022 reflected the geopolitical risks, and if the rating actions taken in response to the aggression accurately informed the financial market participants of the conflict’s spillover impacts, transmitting them to the credit risk assessment. The rating actions in response to the Russia’s reinvasion in 2022 indicate a considerable shock from the underestimation of geopolitical and political