Determinants of credit ratings of microfinance institutions in the former Soviet Union

This study seeks to identify the ways in which both financial and non-financial indicators contribute to the credit rating of microfinance institutions in the former Soviet Union. It evaluates individual indicators and estimates an optimal model for predicting the credit rating of an institution through the use of ordered probit analysis. It represents an adaptation of research previously done on credit ratings of traditional financial institutions and an extension of the existing literature on credit ratings of microfinance institutions.