The article refers to the issue of rating and the work of rating agencies with regard
to the results of global economic crisis. The discussion has been made on the basis of
behavioral current. The thesis of this article has been constituted by a view referring to the
rating agencies functions evolution within the space of time as a natural effect adaptable to
variable environment conditions. Research hypothesis in the present study has been
constructed in the following way: the occurrence of the economic crisis has been a determinant
influencing the change and expansion of rating agencies functions. The objectives of this
article include the explanation of meaning and the shares of rating agencies and rating in
global economic crisis, the indication of macroeconomic functions of rating and the analysis
of these functions’ evolution. Yet another aim of the study has been to reveal the meaning of
a “soft factor” in market mechanisms by the explanation of heuristics essence in a decision-
making process on the example of rating agencies’ work. The dissertation is divided into four
chapters preceded by introduction. Each chapter corresponds to subsequent established
objective. A crucial part of the study is showing the meaning of behavioral inclinations in the
work of rating agencies. The examination of their meaning has been narrowed to the
description of decision-making heuristics. The method used in the paper is a theoretical
analysis and a compilation of previous research in the field on the basis of literature study. The
most important conclusions comprised in the present article focus around the significant
meaning of extra economic factors (including the behavioral ones) which form market users’ decisions and concern the role and shares of rating agencies in crisis causal processes. The
issue raised seems to be essential because of two reasons: the study expands academic
achievements in the scope of rating agencies functioning with new elements, and a demand
for rating opinions appears to increase along with the development of financial markets.
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