Country Risks

Name: Country Risks
ISBN: 978-5-9228-3117-8

Vladimir V. Shapovalov

doi:10.63861/3117-8

UDC

339.727

COUNTRY RISKS Country Risks

Scientific publication

АА Аа

DOI https://doi.org/10.63861/3117-8 EDN QAKUNI ISBN 978-5-9228-3117-8

Published: 02.06.2026 Language: Russian Quantity of pages: 187 Publisher: MGIMO University Publishing House Copyright sheets: 5 Number of publication: 1

Authors

Vladimir V. Shapovalov¹

1 MGIMO MID Rossii (Fakul'tet mezhdunarodnogo biznesa, dekan), MGIMO MID Rossii (Kafedra prikladnogo analiza mezhdunarodnyh problem, docent)

ABSTRACT

The study guide “Country Risks” explores the concept of these risks, their main types, underlying factors, the evolution of related research, and modern approaches to their assessment. As a foundation for analysis, the guide presents the key characteristics of the methodologies employed by the Russian credit rating agencies ACRA and Expert RA, as well as the international agency Fitch Ratings, which are used to assess the probability of sovereign defaults. This textbook serves as a source of systematised knowledge for the course “Methodology for Assessing Country Risks for Transnational Business”, taught at MGIMO University. Mastering the material enables students to develop key competencies in the analysis of country risks, which are essential for conducting international investment and foreign economic activities, as well as for ensuring effective cooperation between businesses and government institutions on the global stage.

KEYWORDS

Country Risk, Sovereign Credit Rating, Political Risk, Economic Risk, Sovereign Default, Credit Rating Agencies, Public Finance, External Debt, Methodology, Risk Assessment

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8. Rating Definitions // Fitch Ratings. 19 September 2025. 30 p. URL: https://www.fitchratings.com/research/banks/rating-defini tions-19-09-2025

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10. Sovereign Ratings // Fitch Ratings. URL: https://www.fitch ratings.com/criteria/sovereigns

COUNTRY RISKS Country Risks

Confirmation