Besides the lack of capital, access to foreign financial markets is also an important factor in growth policies of developing countries. The belief of "non-efficient external finance organization policies causing inappropriate financial conditions" has became stronger after the debt crises of developing economies in the recent times. Designation of credit worthiness rating determined by the international rating agencie's required in accessing to international financial markets is the main discussion within this framework. Rating agencie's working principles and determinants of the ratings lead to some questions about the reliability for the results..