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What drives rating agencies’ credit scoring models? An industry level analysis
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This thesis investigates the determinants of Moody’s credit ratings in seven industries, focusing
on the role of firm size. Using factor analysis and regression modeling, the study identifies
key financial factors that influence creditworthiness and explores the potential to simplify
Moody’s credit rating methodology. The findings validate that firm size is a significant predictor,
particularly in capital-intensive sectors such as Oil and Gas and Manufacturing, while qualitative
factors remain critical in industries such as Pharmaceuticals and Chemicals. The research offers
insights into streamlining credit rating models while preserving industry-specific adjustments,
which benefit investors, policymakers, and corporate decision makers.
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Credit ratings Scoring models Credit rating agencies Moody’s methodology Industry analysis Key drivers