The article presents a comprehensive analysis of the role of international credit rating agencies within the architecture of the contemporary global financial system. Their significance is substantiated as key information and analytical institutions that assess credit risks, shape market expectations, and influence the allocation of investment flows. The study identifies and systematizes the principal directions of transformation in rating agencies’ activities under conditions of financial digitalization, increasing regulatory requirements, ESG integration, and growing geopolitical uncertainty. A comparative assessment of methodological approaches employed by leading agencies is conducted, alongside an evaluation of their impact on sovereign creditworthiness, borrowing costs, and the financial stability of corporate issuers. Particular attention is devoted to the modernization of credit assessment tools through the application of artificial intelligence, big data analytics, and machine learning techniques aimed at enhancing objectivity and predictive accuracy. The rising importance of environmental, social, and governance factors as independent determinants of long-term risk and sustainability is also demonstrated. The findings indicate an expansion of the functional role of rating agencies and their increasing influence on investment and regulatory decision-making in the global economy.