Hapchych D. Ratihg estimation of institutes and instruments of stock marked of Ukraine

The object of research. Securities rating and their issuers within the limits of international and national equity markets Purpose of the research. Development of theoretical and methodical bases in relation to introduction of rating estimations of institutes and instruments of fund market of Ukraine in the aggregate of its infrastructural providing. Methods of research: system, history, logic-dialectical, induction and deduction, analysis and synthesis, comparisons, selections, determination of direct and reverse communications between the object of research and economic environment. Theoretical and practical results. Consist in the ground of methodical and analytical tool of conducting of rating estimation of reliability of borrowing of issuers at the fund market of Ukraine together with the ground of directions of native market development of rating services Novelty of the innovation. The most important results that determine contribution to development of problem and characterize the scientific novelty of work are got: first: a necessity is grounded creation of the organized institute of the certificated native rating agencies and expedience of bringing in the operating list of types of professional activity at the fund market of Ukraine a new kind – “rating realization” with fixing of grant of services in relation to appropriation of rating as an exceptional type of activity of proper licensed and having prudence accompaniments; improved: a category device in part of clarification of essence of terms is the "credit rating" and "rating of securities" which the conclusion of rating agency in relation to solvency of borrower (in the first case) and investment quality of securities of issuer is understood under (in the second case); methodical approaches to systematization of kinds and types of rating: by proper classification feature extraction and groupment of objects of rating estimation; criteria which the national credit rating must answer: at first, the requirements on its appropriation must be maximally identical to those which are used for appropriation of the international rating; secondly, the most reliable borrowers in a country must get the possible greatest internal rating; thirdly, the internal rating must take into account the risk of fund market; methodical ground of procedure of conducting of analysis of solvency of organs of local power as issuers of bonds of local loans which are based on the evaluation of economic development of region taking into account the factors of credit risk at rating realization of borrowers and financial obligations at a regional level; subsequent development was acquired: estimation of native practice of rating realization from positions of grant of services by international and native rating agencies (appropriation of the sovereign, sub sovereign and internal rating); ground of insufficiency of rating level of sovereign promissory position of Ukraine in the group of speculative class and presentation of pre-conditions of its rise to the investment category. Thelevel of implementation. Separate scientific results are inculcated in practical activity of such state establishments and subjects of menage: A state commission from securities and fund market is suggestions in relation to forming of conception of the native rating of securities and alteration of infrastructure of fund market in part of creation of credit bureau (reference № 02/1410 from 07.02.05); Poltava regional state administration is suggestions in relation to the methodical providing of rating estimation of solvency of organs of local power as issuers of bonds of local loans (reference № 152 from 09.09.2005); The "Kernel-Trade LTD." - at preparation of issue and placing of the registered percent bonds (reference № 004 200206 from 202.02.06); Poltava institute of economy and right - in an educational process (reference № 6-37/214 from 13.09.2006). The sphere of application. The rating realization of institutes and instruments of native fund market.