evaluating the factors affecting on credit ratings accepted corporates in tehran securities exchange by using factor analysis and ahp

Implementation credit rating for corporates is influenced by different circumstances, systems, processes, and cultures in each country. in this study, we proposed a factor analysis modified approach for determine important factors on real data set of 123 accepted corporate in tehran securities exchange for the years 2009-2017 of diverse range of 52 variable. we estimated the priority score for 49 factors. the three factors, debt to equity ratio, current debttoequity ratio and proprietary ratio exclude due to high correlation with others. the results indicated that three macroeconomic factors: price index of consumer goods and services, exchange rate and interest rate determinants were more effective on the credit ratings. in addition, financial ratios and nonfinancial ratios such as return on equity (roe), longterm debttoequity ratio, benefit of the loan, ratio of commodity to working capital, current capital turnover, return on working capital, quick ratio, current ratio, net profit margin, gross profit margin, had effect on credit rating accepted corporate in tehran securities exchange. the nonparametric statistical test to validate the consistency between ahp ranking and factor analysis revealed, the new approach has a moderated consistency with ahp. in conclusion, the factor analysis modified approach could be applied significantly to evaluate efficiency and ranking factors with minimum loss of information.