국제신용평가사의 초국가적 영향력 행사에 대한 고찰 ― 연성규범 및 세계행정법(GAL)의 논의를 중심으로 ―

In addition to the traditional subject of law, which is predominantly a State, other agencies and organizations are operating actively in various fields nowadays, and private agencies are largely replacing the traditional roles of countries. Specifically, private entities such as certain multinational corporations and NGOs are exercising more substantial influence than small countries do in the international community. In this context, it is necessary to look into large international large credit rating agencies that exercise tremendous influence over the international community as private companies. Standard and Poor’s (S&P), Moody’s Investors Service, and Fitch Ratings, the three leading international credit rating companies, are ostensibly American private companies, but is practically exercising such power as controlling the rise and fall of a country by giving countries credit ratings in addition to the credit rating of companies or financial instruments. As credit rating agencies were considered as one of the key culprits in the global financial crisis, there has been notable effort to reduce reliance on credit ratings in the international financial market. However, despite regulatory legislation over, and sanctions against, international credit rating agencies in Europe and the United States, such effort has not been every effective. In recognition of this problem, this study seeks to refer to discussions on the use of soft law and Global Administrative Law as a tool to control the three leading international credit rating agencies that are exercising power over ‘credit sovereignty’, as non-state actors. In particular, the appearance of private entities in the global financial landscape hasn't been specifically presented in the field of international law and Global Administrative Law and, thus requires in-depth discussions.