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An Empirical Analysis of Country Risk Ratings

Corporations and analysts depend heavily on country risk analysis as a guiding force in strategic decision-making. This paper focuses on identifying the important factors that predict country risk ratings. Political factor and selected economic factors are examined to find their influence on determining country risk ratings for a sample of seventy countries over the period of 2006 2011. Based on the ratings provided by rating agencies, the Euromoney and Economic Intelligence Unit, the findings indicate that country risk ratings can be predicted to a significant degree with the selected political and economic indicators. The results also confirmed that no significant differences in ratings exist between these two agencies. Moreover, it is found that the impacts and importance of economic and political factors varied significantly in predicting risk ratings for different country groups and different periods of time especially pre and post financial crisis of 2008.