MGIMO MID Rossii (Kafedra prikladnogo analiza mezhdunarodnyh problem, docent)
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.
Country Risk, Sovereign Credit Rating, Political Risk, Economic Risk, Sovereign Default, Credit Rating Agencies, Public Finance, External Debt, Methodology, Risk Assessment
1. Metodologiya prisvoeniya kreditnyh reytingov suverennym emitentam po mezhdunarodnoy shkale // AKRA. 17 noyabrya 2025. 50 s. URL: https://acra-ratings.ru/criteria/2616/
2. Osnovnye ponyatiya, ispol'zuemye analiticheskim kreditnym reytingovym agentstvom v reytingovoy deyatel'nosti // AKRA. 8 iyulya 2025. 30 s. URL: https://www.acra-ratings.ru/criteria/80/
3. Reytingovye shkaly // AKRA. URL: https://www.acra-ratings.ru/about-ratings/scales/#scale4
4. Metodologiya prisvoeniya reytingov kreditosposobnosti suverennym pravitel'stvam // Ekspert RA. 25 dekabrya 2025. 56 s. URL: https://raexpert.ru/ratings/methods/sovereign
5. Poryadok perevoda kreditnyh reytingov v nacional'nuyu reytingovuyu shkalu Rossiyskoy Federacii // Ekspert RA. 04.02.2026. 7 s. URL: https://raexpert.ru/ratings/methods/national_scale_tr
6. Poryadok sopostavleniya kreditnyh reytingov, prisvoennyh po mezhdunarodnoy reytingovoy shkale «Ekspert RA», s kreditnymi reytingami, prisvoennymi po nacional'nym reytingovym shkalam «Ekspert RA» // Ekspert RA. 23.01.2026. 21 s. URL: https://raexpert.ru/ratings/methods/matc_order_int
7. The Rating Process // Fitch Ratings. 13 March 2025. 9 p. URL: https://www.fitchratings.com/research/fund-asset-managers/the-rating-process-13-03-2025
8. Rating Definitions // Fitch Ratings. 19 September 2025. 30 p. URL: https://www.fitchratings.com/research/banks/rating-defini tions-19-09-2025
9. National Ratings Correspondence Tables // Fitch Ratings. 14 January 2026. 14 p. URL: https://www.fitchratings.com/research/corporate-finance/national-ratings-correspondence-tables-29-06-2022
10. Sovereign Ratings // Fitch Ratings. URL: https://www.fitch ratings.com/criteria/sovereigns
