Analysis of economic impact of international credit rating agencies

Thanks to globalization increase, international capital movements has acelerated significantly. Someone who needs capital and gain more money from their own capital have many problem but the best one is shortage of asymmetric information. Investors and other market participants are in need of standard information because self analysis has high cost. In 19th century, credit rating was occured to fulfil market's need. But nowadays, credit rating process can impress companies, economies even country and global economies. Credit rating agencies affirm that credit notes not an advice for investment, they just an instrument which measure quality of debt. But companies and countries, lead their borrowing or invest decisions, according to credit notes. Moreover severel capital of western development countries can exist provided that destination markets (countries) must have "investment grade" credit note. Accordingly, credit rating agencies has become the most important actors to dominate global economies by declarating credit notes. At this study, credit rating agencies, analysis of national economic indicators and credit rating history of Turkey, credit rating story, position in future and influence of global economies are investigated particularly. Additionaly, the most important feature of this study is, the first thesis to emstimate market share of credit rating agencies by using securities and structured debt finance. Key Words: International Capital Movements, Economical Crisis, Economical Crisis 2008, Credit Rating, International Rating Orgonizations, Turkey.