Abstract
<jats:p>The study guide “Country Risks” explores the concept of these risks, their main types, underlying factors, the evolution of related research, and modern approaches to their assessment. As a foundation for analysis, the guide presents the key characteristics of the methodologies employed by the Russian credit rating agencies ACRA and Expert RA, as well as the international agency Fitch Ratings, which are used to assess the probability of sovereign defaults. This textbook serves as a source of systematised knowledge for the course “Methodology for Assessing Country Risks for Transnational Business”, taught at MGIMO University. Mastering the material enables students to develop key competencies in the analysis of country risks, which are essential for conducting international investment and foreign economic activities, as well as for ensuring effective cooperation between businesses and government institutions on the global stage.</jats:p>