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Abstract

creditworthiness of Countries and companies that issue debt instruments. These ratings enable the investors to assess the level of risk of default of payment by the issuers or to evaluate the risks associated to a specific financial instrument. Thus, they play a vital role in the global economy, and they are the first entities to be accused when a financial crisis strikes. The importance of their role prompted the European and American legislators to take the initiative to regulate their activities in the wake of the global financial crisis of 2008. However, the efficiency of the applied legislations in establishing integrated civil liability for these Agencies still in doubt and constitutes the main problematic of this study, especially with the absence of unified regional or international rules that govern and outline this responsibility. Many questions arise out of this problematic: it raises the question about the adequacy of national and regional civil liability rules in obligating Credit Rating Agencies to compensate the damages caused to investors or issuers as a result of wrong ratings. What are the obstacles to the civil liability of Credit Rating Agencies in light of the current legislations? What are the possible ways to establish an effective civil liability model at the national and international levels? The study aims to answer these questions by relying on the descriptive and analytical methodology, in addition to the comparative method. To achieve this goal, the study will be divided into two sections: the first one will examine the current challenges of civil liability of Credit Rating Agencies, while the second section will suggest possible solutions to activate the civil liability of these Agencies.

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