Country risk
A company operating in a country whose economy is fragile faces greater risks of default than one based in a country with a booming economy.

The features of the sector and the company’s position within it
Some sectors are more prone than others to fluctuations in the economy, a fact that international agencies must consider before making their rating. Also, the position of the company in relation to the competition is always a parameter that is taken into account, since it helps to draw conclusions regarding its current and future economic standing.
Its capital structure
i.e. the mix of long-term liabilities and own funds of an enterprise that indicates the extent to which an enterprise's activities are financed from long-term sources of financing.
On the basis of the above, as well as a host of other data, the agencies issue credit ratings, which take the form of abc grades. For example, Aaa represents the top rating in Moody's ranking system, while AAA is the highest rating in S&P's system. The impact of these ratings is enormous, both for the lender and the borrower. Lenders receive information regarding the credit risk involved in various alternative investment opportunities, while borrowers have the opportunity to adapt their internal procedures and activities so as to be compatible with credit standards.
International agencies’ ratings, however:
Can't predict the future: Although they can outline the credit profile of businesses based on specific data, they can’t foresee with certainty what will happen in the future. Thus, even if the bonds of two companies receive a different rating, this does not mean that the default will occur only in the case of the one with the lowest rating.
Do not constitute investment advice. The decision rests solely with investors, who will have to weigh a number of factors, such as their investment objectives, their risk appetite, their ability to suffer losses and their level of knowledge and/or experience. Investing in financial instruments/ investment products entails risks, including the risk of loss of the initial invested capital, regarding which potential investors should be properly aware on the basis of all the respective product documents.
The evaluation is a valuable tool in the hands of businesses, provided, of course, that the request has been made by them and not on the initiative of the international firm. This is because, in the latter situation, there has not been exchange of inside information, which is necessary in order to draw safe conclusions about the who's who of the business in question and – if necessary – correct any shortcomings in its structure and operation.
Sources: https://euretirio.com/pistoliptiki-ikanotita