Abstract:

The rating decisions of international credit rating agencies affect the decisions of financial market actors. It is not possible today to ignore the impact of credit ratings on behalf of developing countries on investors' interest in the financial markets of the countries concerned. Especially considering that Turkey is an emerging market in the financial markets, an important question as to what extent the credit rating notes made by credit rating agencies affect the related markets emerge. From this point on, in the study, the affect of the rating notes of the three credit rating agencies’ Fitch, Moody's and Standard and Poor's, which have the highest recognition rating firms’ in the World, for Turkey is analyzed. For this purpose, 14 sector indexes (Bist Bank, Bist İnformatics, Bist Elektricity, Bist Food and Beverage, Bist Communication, Bist Chemistry Petroleum Plastic, Bist SME Industry, Bist Corporate Governance, Bist Mining, Bist Metal, Bist Sports, Bist Stone Soil, Bist Transportation, Bist Industry) were examined using the Event Study methodology. For the indexes covered in the research, abnormal returns and cumulative abnormal returns were calculated, and the results were compared for the three major credit rating agencies. As a result of the research, it was determined that the rating statements had an effect on the selected indices and that this effect did not show any difference between the credit rating agencies.

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