Kredi riski ve derecelendirme

In the thesis, firstly, the meaning of credit is defined and categorized, in chapter two with the aim to analyze credit risk issue in the next chapters. As a result of financial liberalization achieved in global markets in last decades, investment possibilities around the world have been boosted and this development has led to lots of opportunities and risks. In Chapter three, risk management is explained with the aim to explore the benefits of risk management in the financial institutions. In Chapter four, types of credit risk are analyzed. The aim of this thesis is to create a rating system which enables to analyze the creditworthiness of the firms with objective criterias. In chapter five, rating system methodologies are discussed. In Chapter six and seven the impacts of credit risk on the profitability are discussed and credit risk models are explained. Also importance of credit analysis are discussed. The stages to create a rating system are analyzed in the chapter eight. After explanation of credit rating in chapter eight, three well known rating agencies are considered. The financial ratios used by this rating sytem are explained in detail in chapter ten. The principles of the rating sytem is based on liquidity ratios, solvency-ability to meet key term obligations ratios, profitability ratios, Altman Z scores, Z prime scores and the industry averages published by TCMB. Rating score cards are calculated for 11 firms which are traded in ISE. The results obtained of this rating system are determined in the conclusion.