Today, one of the Islamic securities available in the capital market of Iran is sukuk, which has played a significant role in transferring resources from the capital market to economic enterprises in recent years. The current research was conducted with the aim of the conceptual model of rating of Murabahah sukuk in the capital market. The most important question is that what is the causal model of the rating of Murabaha bonds in the Iranian capital market? In this research, the rating components of Islamic securities include risk analysis, analysis of the legal structure of Islamic securities, validation of issuance elements, asset analysis of the basis of issuance, cash flow analysis of the underwriter, credit enhancement tools and asset management quality, as well as rating indicators classification based on theoretical foundations and review of related articles have been identified. The information obtained from 15 experts have been analyzed in order to provide a causal model for examining the questions. The collected data have been analyzed using Super Decision and Excel software. The results of experts' opinion showed that the risk analysis index has the highest weight equal to 0/342. Also, based on the Dimtel method, the risk analysis component and the financial cash flow analysis are among the most influential components.

Objective: The competitive business environment is growing, accordingly, companies are forced to compete with various national and international factors and expand their activities through their new investments. To make these investments, they need financial resources. The importance of accessing useful information for decision-making is important, as it is considered an investor right. Credit rating is useful information for investment decision-making. This study examines the relationship between credit rating and the cost of capital. Its purpose is to examine whether an increase in credit rating leads to an increase in the cost of equity and a decrease in debt costs or not. Because of the narrow background of ranking institutions in Iran and the reluctance of the companies toward the ranking system, a general ranking model is commonly used to determine the rank of the investigated companies. Methods: This study examines a sample of 142 companies listed on the Tehran stock exchange from 2014 to 2020. The companies were selected through a systematic elimination process. The credit rating for each company was measured using the Emerging Market Credit Scoring Model. This rating was then adjusted in three steps: (1) considering the company's vulnerability to exchange rate fluctuations, (2) assessing the degree of credit rating of the industry, and (3) evaluating the company's competitiveness within the industry. A dummy variable was used to indicate an increase or decrease in credit rating from the previous year, where an increase takes the value of one and a decrease takes the value of zero. The cost of debt was calculated by dividing the interest expense in year t+1 by the average debt during years t and t+1, while the cost of equity was calculated by dividing net profits by the equity market value in year t. We used multiple regression with the Generalized Least Squares (GLS) method. Results: According to the obtained results, there is a positive relationship between credit ratings and equity costs, and any increase in credit ratings can reduce the costs of debts. Conclusion: Based on the achieved results, there appears to be a positive correlation between credit ratings and the cost of equity. Furthermore, any increase in credit ratings has the potential to decrease the cost of debt. As a result, an increase in credit rating may lead to an increase in profits, because debt costs decrease and equity costs are affected. This subsequently influences investment decisions. Additionally, the risk of a company can have an impact on its expected rate of return. These findings align with Chen, Chen, Chang, & Yang (2013) as well as Kissgen and Esrahan (2010). It is worth noting that the Emerging Market Model has been validated by comparing its rankings to those announced by the rating agencies. This model takes into account both quantitative and qualitative factors. Therefore, we suggest that rating agencies consider utilizing these results as a guideline for ranking purposes.

Purpose: Credit ratings facilitate decision-making by capital market participants to compare companies in terms of credit risk. This research aimed to identify, weight, and design a credit rating model for companies listed on the capital market for 19 industries.Method: A qualitative-quantitative approach was used to identify the determinants and design the credit rating model. In the qualitative part, the final indicators were obtained from a study of theoretical literature and then validated with experts. In the quantitative part, structural equations were used to determine the relationships between indicators and components and design the credit rating model.Findings: By studying theoretical literature and validating with experts, 46 final indicators were identified as factors affecting the credit rating of companies listed on the capital market. By determining the relationships between indicators and components using structural equations, 6 indicators were eliminated and it was determined that the components of liquidity, profitability and growth, social and environmental responsibility, accounting quality and asset quality and company size directly affect the credit rating and the components of industry, market value ratios, leverage ratios, efficiency ratios, audit quality and management quality indirectly and through other components affect the credit rating. The components of liquidity ratios and profitability and growth were the most influential factors on the credit rating of companies with a regression coefficient of 0.574 and 0.352, respectively.

The establishment of rating agencies as important financial institutions in the capital market has been emphasized by SEO in recent years and its related instructions were officially published in 2016. Meanwhile, with the growth of financing instruments in the capital market and the priority given to sukuk, the need for the former's rating is necessary for determining its value and accelerating the financing process of economic organizations by using it. Presently, the lack of this rating has been compensated by including a guarantor in the structure, but this has for some reasons created obstacles in the way of issuing it and challenged the financing process with this kind of instrument. On the other hand, the capital market supervising agent's requirements for rating sukuk have been set out before its being issued and the sukuk rating has replaced guaranty in sukuk structure.This article demonstrates how the dimensions and components of sukuk rating in Iran capital market were assessed by experts using Delphi technique with the aim of achieving consensus on it. The theoretical foundations of the presented model were derived from three sources, namely sukuk issue instructions, rating institutes' methods at both national and international levels, and Islamic financial institutes' instructions in regard to rating sukuk. These factors altogether, which have been approved by experts, can illustrate the general framework of rating sukuk in the country's capital market.

The growing expansion of financing through the capital market and the introduction of guidelines for the establishment of credit rating agencies require the development of appropriate credit rating models for financial instruments, on the other hand, the capital financing market framework is centered around sukuk bond. According to the SEO, in the case of credit rating agencies, Sukuk rating will also be required. On the basis of the above, the present study attempted to develop a credit rating model for Ijareh Sukuk as the most important and most advanced tool in financing the capital market, on the one hand, the problems with issuing a Ijareh Sukuk, including the mandatory existence of the guarantor, and, on the other hand, the transparency of the market will provide financing and accelerate the financing process through this market. In the present study, after studying the theoretical foundations, including the rules and instructions issued by the supervisory authority of the capital market, theoretical and scientific principles regarding the rating of securities and institutions procedures in the field of credit rating Ijareh Sukuk, the basic The model of credit rating is then developed, then the dimensions, components and indexes of the model have been subjected to expert opinion using the Delphi research method. Finally, based on the received comments, the final framework of the Ijareh Sukuk rating system was developed on Iran's capital market.

The growing expansion of financing through the capital market and the introduction of guidelines for the establishment of credit rating agencies require the development of appropriate credit rating models for financial instruments, on the other hand, the capital financing market framework is centered around sukuk bond. According to the SEO, in the case of credit rating agencies, Sukuk rating will also be required. On the basis of the above, the present study attempted to develop a credit rating model for Ijareh Sukuk as the most important and most advanced tool in financing the capital market, on the one hand, the problems with issuing a Ijareh Sukuk, including the mandatory existence of the guarantor, and, on the other hand, the transparency of the market will provide financing and accelerate the financing process through this market. In the present study, after studying the theoretical foundations, including the rules and instructions issued by the supervisory authority of the capital market, theoretical and scientific principles regarding the rating of securities and institutions procedures in the field of credit rating Ijareh Sukuk, the basic The model of credit rating is then developed, then the dimensions, components and indexes of the model have been subjected to expert opinion using the Delphi research method. Finally, based on the received comments, the final framework of the Ijareh Sukuk rating system was developed on Iran's capital market.

In recent years, the capital market has played a significant role in the financing of the government and the private sector and provided a variety of tools for this purpose, mainly based on the asset backed securities and asset base securities, on the other hand, due to the requirement of the supervisory authority of the capital market to rate its debt securities before it is published and the need to enter the rating process of securities, it is necessary to have securities rating pattern Published in the capital market are designed and explained. Based on the above, the present study attempts to develop a credit rating model for asset backed Securities based on sukuk in the capital market. On one hand, the problems of executing Sukuk publishing, such as obligatory guarantee, are overcome, and on the other hand, the field of transparency of the market Financing and accelerating the financing process through this market will ultimately lead to a reduction in the cost of financing a firm. In this study, firstly, by studying the theoretical foundations of the publishing of asset-backed securities and other sources of information, such as guidelines issued by the Capital Markets Authority, the International Institutions and International Financial Institutions' Guidelines, the Primary Model The asset back rating was extracted, and then this model was developed for the purpose of obtaining consensus and Delphi Research methodology was subjected to an expert opinion survey and ultimately the final model of asset-backed securities ranking was presented.