Vývoj ratingu České republiky

Abstract

The aim of the thesis “Development of rating in the Czech Republic” is a description of ascertained facts relating to credit ratings, behaving of credit rating agencies in the current debt crisis and their view of the Czech Republic. Above mentioned credit rating agencies are the world's largest agencies: Moody's Investors Service, Standard &Poor's and Fitch Ratings. The beginning of the thesis is conceived as a theoretical part explaining the principle and the way of creating and working of a credit rating. Further, we focus more detail on criticism of rating agencies, which consists in reducing of the credit rating of states that are already struggling with large debts. We also search for an answer to the question whether the rating agencies are really the only or the main culprit in the current debt crisis. The most important part of this thesis is the development of the credit rating of the Czech Republic from 1992 to the present. Emphasis is placed on the development of government debt, Czech bond yields and finally also the consolidation of public finances, focusing on pension, health and tax reform.