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CREDIT POLICY RESEARCH INDEX - CURRENT
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| Publication Date |
Guides to Moody's Default Research |
| May 2012 |
Guide to Moody's Default Research: March 2012 Update |
| November 2011 |
Guide to Moody's Default Research: October 2011 Update |
| July 2011 |
Guide to Moody's Default Research: July 2011 Update |
| January 2011 |
Guide to Moody's Default Research: January 2011 Update |
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| Corporate and Other Fundamental Default Studies |
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| Publication Date |
Global, Regional, and Industry Corporate Default Studies |
| February 2012 |
Annual Default Study: Corporate Default and Recovery Rates, 1920-2011 |
| February 2012 |
Semi-annual Performance Statistics Update: 2011 H2 |
| August 2011 |
Latin American Corporate Default and Recovery Rates Update, H1 2011 |
| August 2011 |
Semi-annual Performance Statistics Update: 2011 H1 |
| August 2011 |
European Corporate Default and Recovery Rates, 1985 – 1H 2011 |
| June 2011 |
Compendium of 2010 Corporate Defaults |
| February 2011 |
Corporate Default and Recovery Rates, 1920 – 2010 |
| February 2011 |
Semi-annual Performance Statistics Update: 2010 H2 |
| February 2011 |
Defaults and Recoveries for Financial Institution Debt Issuers, 1983 – 2010 |
| February 2011 |
Credit Events by Moody’s-Rated Financial Institutions, 2008 – 2010 |
| October 2010 |
Default and Recovery Rates for Project Finance Bank Loans, 1983 – 2008 |
| September 2010 |
Latin American Corporate Default and Recovery Rates, 1990 – H1 2010 |
| August 2010 |
Semi-annual Default Statistics Update: 2010 H1 |
| July 2010 |
Default and Rating Transitions of Japanese Debt Issuers, 1990-2009 |
| May 2010 |
Compendium of 2009 Corporate Defaults |
| April 2010 |
Default & Recovery Rates of Canadian Corporate Issuers, 1989-2009 |
| April 2010 |
European Corporate Default and Recovery Rates, 1985-2009 |
| February 2010 |
Corporate Default and Recovery Rates, 1920-2009 |
| November 2009 |
Default and Recovery Rates for Project Finance Debts, 1992-2008 |
| August 2009 |
Default and Recovery Rates of Asia-Pacific Corporate Bond and Loan Issuers, Excluding Japan, 1990-H1 2009 |
| July 2009 |
Latin American Corporate Default and Recovery Rates, 1990-H1 2009 |
| June 2009 |
Defaults and Recoveries for Financial Institution Debt Issuers, 1983-2008 |
| May 2009 |
Default, Recovery and Credit Loss Rates for Regulated Utilities, 1983-2008 |
| May 2009 |
Compendium of 2008 Corporate Defaults |
| February 2009 |
Corporate Default and Recovery Rates, 1920-2008 |
| February 2009 |
Emerging Market Corporate Defaults and Sovereign Crises: Perspectives on Country Risk |
| October 2008 |
Moody's Comments On Debtor-In-Possession Lending |
| October 2008 |
Refinement to ABL Ratings |
| June 2008 |
Default and Recovery Rates of Canadian Corporate Issuers, 1989-2007 |
| April 2008 |
The Corporate Default Rate Outlook: An Update |
| March 2008 |
European Corporate Default and Recovery Rates, 1985-2007 |
| March 2008 |
Compendium of 2007 Corporate Defaults |
| February 2008 |
Corporate Default and Recovery Rates, 1920-2007 |
| November 2007 |
Latin American Corporate Default and Recovery Rates, 1990-H1 2007 |
| September 2007 |
Default and Recovery Rates of Asia-Pacific Corporate Bond and Loan Issuers, Excluding Japan, 1990 -1H2007 |
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| Publication Date |
Recovery Rates on Corporate Bonds |
| March 2012 |
Trading Prices as Predictors of Ultimate Corporate Recovery Rates |
| November 2011 |
Moody’s Ultimate Recovery Database: Lessons from 1,000 Corporate Defaults |
| July 2011 |
Firm-Wide LGD: Still No Silver Bullets |
| December 2010 |
Building the Better LGD Mousetrap |
| July 2010 |
Hard Data for Hard Times |
| December 2008 |
Migration of Debt Structures and Revolver Usage as Firms Approach Default |
| October 2008 |
Moody's Comments On Debtor-In-Possession Lending |
| June 2008 |
Strong Loan Issuance in Recent Years Signals Low Recovery Prospects for Loans and Bonds of Defaulted U.S. Corporate Issuers |
| January 2008 |
Refinement to ABL Ratings |
| November 2007 |
Adjusting Moody's LGD Assessments to Meet Basel II Downturn Requirements |
| June 2007 |
Back-Testing Moody's LGD Methodology |
| April 2007 |
Moody's Ultimate Recovery Database |
| June 2005 |
Bond Prices at Default and at Emergence from Bankruptcy for US Corporate Issuers |
| December 2004 |
Determinants of Recovery Rates on Defaulted Bonds and Loans for North American Corporate Issuers: 1983-2003 |
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| Publication Date |
Corporate Bond Rating Transitions |
| August 2011 |
Effects of Watches, Outlooks, and Previous Rating Actions on Rating Transitions and Default Rates |
| March 2010 |
Average One-to-Five-Year Rating Transition Rates, 1970-2009 |
| February 2009 |
Rating Transition Rates for Covered Bond Programs, 1996-2008 |
| June 2008 |
Testing The Cross-Sectional Power Of The Credit Transition Model |
| June 2008 |
Moody's Credit Transition Model: A Summary of the Watchlist/Outlook Extension. |
| March 2008 |
Corporate One-to-Five-Year Rating Transition Rates. |
| March 2008 |
Comparing Withdrawal Adjustment Methods: An Application of Moody's Credit Transition Model |
| June 2007 |
Short-Term Corporate and Structured Finance Rating Transition Rates |
| February 2004 |
Rating Transitions and Defaults Conditional on Rating Outlooks Revisited: 1995-2005 |
| March 2004 |
Annual Default Study Addendum: Global Corporate Rating Transition Rates |
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| Publication Date |
Corporate Bond Rating Performance |
| February 2012 |
The Performance of Moody’s Corporate Debt Ratings: December 2011 Quarterly Update |
| November 2011 |
The Performance of Moody’s Corporate Debt Ratings: September 2011 Quarterly Update |
| July 2011 |
The Performance of Moody’s Corporate Debt Ratings: June 2011 Quarterly Update |
| April 2011 |
The Performance of Moody’s Corporate Debt Ratings: March 2011 Quarterly Update |
| February 2011 |
The Performance of Moody’s Corporate Debt Ratings: December 2010 Quarterly Update |
| October 2010 |
The Performance of Moody’s Corporate Debt Ratings: September 2010 Quarterly Update |
| August 2010 |
The Performance of Moody’s Corporate Debt Ratings: June 2010 Quarterly Update |
| May 2010 |
The Performance of Moody's Corporate Debt Ratings: March 2010 Quarterly Update |
| April 2010 |
Moody's Rating Actions, Reviews, and Outlooks: Quarterly Update – First Quarter 2010 |
| January 2010 |
The Performance of Moody's Corporate Debt Ratings: December 2009 Quarterly Update |
| October 2009 |
The Performance of Moody’s Corporate Debt Ratings: September 2009 Quarterly Update |
| July 2009 |
The Performance of Moody’s Corporate Debt Ratings: June 2009 Quarterly Update |
| May 2009 |
The Performance of Moody’s Corporate Debt Ratings: March 2009 Quarterly Update |
| February 2009 |
Emerging Market Corporate and Sub-Sovereign Defaults and Sovereign Crises: Perspectives on Country Risk |
| February 2009 |
The Performance of Moody's Corporate Debt Ratings: December 2008 Quarterly Update |
| October 2008 |
The Performance of Moody's Corporate Debt Ratings: September 2008 Quarterly Update |
| September 2006 |
Analyzing the Tradeoff Between Ratings Accuracy and Stability |
| April 2003 |
Measuring The Performance Of Corporate Bond Ratings |
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| Publication Date |
Syndicated Corporate Loans |
| March 2009 |
Syndicated Bank Loans: 2008 Default Review and 2009 Outlook |
| January 2008 |
Syndicated Bank Loans: 2007 Default Review and 2008 Outlook |
| November 2007 |
Adjusting Moody's LGD Assessments to Meet Basel II Downturn Requirements |
| December 2004 |
Credit Loss Rates on Similarly Rated Loans and Bonds |
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| Publication Date |
Municipal Bond Defaults |
| March 2012 |
U.S. Municipal Bond Defaults and Recoveries, 1970-2011 |
| February 2010 |
U.S. Municipal Bond Defaults and Recoveries, 1970-2009 |
| March 2007 |
Mapping to the Global Rating Scale And Assigning Global Scale Ratings to Municipal Obligations |
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| Publication Date |
Sovereign Bond Defaults |
| May 2011 |
Sovereign Default and Recovery Rates, 1983-2010 |
| April 2010 |
Sovereign Default and Recovery Rates, 1983-2009 |
| March 2009 |
Sovereign Default and Recovery Rates, 1983-2008 |
| February 2009 |
Emerging Market Corporate and Sub-Sovereign Defaults and Sovereign Crises: Perspectives on Country Risk |
| August 2008 |
Sovereign Defaults and Interference: Perspectives on Government Risks |
| March 2008 |
Sovereign Default and Recovery Rates, 1983-2007 |
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| Publication Date |
Sub - Sovereign Bond Defaults |
| September 2008 |
Rating Migration and Default Rates of Non-U.S. Sub-Sovereign Debt Issuers, 1983-2007 |
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| Publication Date |
Convertible Bond Defaults |
| July 2001 |
Default & Recovery Rates of Convertible Bond Issuers |
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| Publication Date |
Commercial Paper Defaults |
| June 2010 |
Default and Recovery Rates of Corporate Commercial Paper Issuers, 1972 – 2009 |
| June 2007 |
Short-Term Corporate and Structured Finance Rating Transition Rates |
| October 2004 |
Short-Term Rating Performance and Corporate Commercial Paper Defaults, 1972-2004 |
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| Publication Date |
Other Corporate and Fundamental Default Studies |
| March 2012 |
Continued Strong Performance for Moody’s Non-Financial Corporate Debt Ratings |
| March 2012 |
Evaluating Moody’s Corporate Default Forecasts for 2011 |
| January 2012 |
US Corporate Default Monitor: Defaults Pick Up in Fourth Quarter |
| November 2011 |
Measuring the Performance of Credit Ratings |
| October 2011 |
Industry Credit Risk: Recent Trends for Global Non-Financial Corporations, 2011 |
| October 2011 |
North American Corporates: Under a Severe Recession Scenario, Defaults Would Trail Credit Crisis Peak |
| October 2011 |
Statistical Testing of Differences in Average Positions |
| September 2011 |
Glossary of Moody’s Ratings Performance Metrics |
| August 2011 |
Effects of Watches, Outlooks, and Previous Rating Actions on Rating Transitions and Default Rates |
| May 2011 |
Statistical Testing of Differences in Default Rates |
| April 2011 |
A Strong Performance for Moody’s Non-Financial Corporate Ratings: Powerfully Rank-Ordering Credit Risk Prior to the Great Recession |
| February 2011 |
Evaluating Moody’s Corporate Default Forecasts for 2010 |
| February 2011 |
Measuring Ratings Accuracy Using the Average Default Position |
| January 2011 |
Moody’s Financial Metrics™ Key Ratios by Rating and Industry for North American Non-Financial Corporations: December 2010 |
| January 2011 |
Moody’s Financial Metrics™ Key Ratios by Rating and Industry for Global Non-Financial Corporations: December 2010 |
| January 2011 |
Moody’s Financial Metrics™ Key Ratios by Rating and Industry for European, Middle Eastern, and African Non-Financial Corporations: December 2010 |
| November 2010 |
Ratings Assigned to Non-Financial Corporates Emerging from Bankruptcy |
| October 2010 |
Why US States are Better Credit Risks Than Almost All US Corporates |
| September 2010 |
Moody’s Non-Financial Corporate Ratings During the Great Recession: A Strong Performance |
| September 2010 |
Updating Moody’s Credit Transition Model: The Default Risk of Loans and Bonds |
| May 2010 |
Evaluating Moody’s Corporate Default Forecasts Through the Crisis |
| May 2010 |
Distressed-Exchange Defaults Surged in 2009, and Many Could Default Again |
| December 2009 |
Moody’s Financial Metrics™ Key Ratios by Rating and Industry for North American Non-Financial Corporations: December 2009 |
| December 2009 |
Moody’s Financial Metrics™ Key Ratios by Rating and Industry for Global Non-Financial Corporations: December 2009 |
| December 2009 |
Moody’s Financial Metrics™ Key Ratios by Rating and Industry for European, Middle Eastern and African Non-Financial Corporations: December 2009 |
| September 2009 |
Past the Peak: How Rapidly Default Rates Decline |
| July 2009 |
Reconciling Default Forecasts: Can a Five Year Cumulative Default Forecast Inform Future One Year Default Forecasts? |
| May 2009 |
Are Corporate Bond Ratings Procyclical?: An Update |
| March 2009 |
Moody’s Approach to Evaluating Distressed Exchanges |
| February 2009 |
Moody's Rating Algorithm & Estimated Senior Rating |
| February 2009 |
Emerging Market Corporate and Sub-Sovereign Defaults and Sovereign Crises: Perspectives on Country Risk |
| December 2008 |
Migration of Debt Structures and Revolver Usage as Firms Approach Default |
| August 2008 |
Sovereign Defaults and Interference: Perspectives on Government Risks |
| August 2008 |
Maintaining Consistent Corporate Ratings Over Time |
| June 2008 |
Strong Loan Issuance in Recent Years Signals Low Recovery Prospects for Loans and Bonds of Defaulted U.S. Corporate Issuers |
| June 2008 |
Testing The Cross-Sectional Power Of The Credit Transition Model |
| June 2008 |
Moody's Credit Transition Model: A Summary of the Watchlist/Outlook Extension |
| March 2008 |
Comparing Withdrawal Adjustment Methods: An Application of Moody's Credit Transition Model |
| August 2007 |
Introducing Moody's Credit Transition Model |
| August 2007 |
A Cyclical Model of Multiple-Horizon Credit Rating Transitions and Default |
| June 2007 |
Back-Testing Moody's LGD Methodology |
| April 2007 |
Confidence Intervals for Corporate Default Rates |
| November 2006 |
Deal Sponsor and Credit Risk of U.S ABS and MBS Securities November 2006 |
| November 2006 |
Moody's Credit Rating Prediction Model November 2006 |
| November 2006 |
Measuring Corporate Default Rates November 2006 |
| November 2006 |
Default and Migration Rates for Private Equity-Sponsored Issuers November 2006 |
| August 2006 |
The Distribution of Common Financial Ratios by Rating and Industry for North American Non-Financial Corporations: July 2006 |
| December 2005 |
Defaults, Losses and Rating Transitions on Bonds Issued by Financial Institutions: 1983-2004 |
| December 2005 |
2005 Annual Report on Industry Credit Risk: Current Indicators for Recent Trends for North American Non-Financial Corporation |
| December 2005 |
The Relationship between Par Coupon Spreads and Credit Ratings in US Structured Finance |
| July 2005 |
Relationships between Speculative-Grade Liquidity Ratings and Credit Default Swap Spreads |
| July 2005 |
CEO Compensation and Credit Risk |
| December 2004 |
Takeover Defenses and Credit Risk |
| November 2004 |
Measuring the Quality and Consistency of Corporate Ratings across Regions |
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| Structured Finance Default Studies |
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| Publication Date |
Structured Finance Default, Loss and Performance |
| February 2012 |
Semi-annual Performance Statistics Update: 2011 H2 |
| February 2012 |
The Performance of Moody’s Structured Finance Ratings: December 2011 Quarterly Update |
| December 2011 |
The Performance of Moody’s Structured Finance Ratings: September 2011 Quarterly Update |
| September 2011 |
Default and Loss Rates of Structured Finance Securities: 1993 – 2010 |
| August 2011 |
Semi-annual Performance Statistics Update: 2011 H1 |
| August 2011 |
Structured Finance Short-Term Rating Transitions and Defaults: 1983 – 2011 H1 |
| July 2011 |
The Performance of Moody’s Structured Finance Ratings: June 2011 Quarterly Update |
| April 2011 |
The Performance of Moody’s Structured Finance Ratings: March 2011 Quarterly Update |
| February 2011 |
Semi-annual Performance Statistics Update: 2010 H2 |
| February 2011 |
The Performance of Moody’s Structured Finance Ratings: December 2010 Quarterly Update |
| October 2010 |
The Performance of Moody’s Structured Finance Ratings: September 2010 Quarterly Update |
| September 2010 |
Default and Loss Rates of Structured Finance Securities: 1993-2009 |
| September 2010 |
The Performance of Moody’s Structured Finance Ratings: June 2010 Quarterly Update |
| August 2010 |
Semi-annual Default Statistics Update: 2010 H1 |
| August 2010 |
Structured Finance Short-Term Rating Transitions and Defaults: 1983-2009 |
| June 2010 |
The Performance of Moody’s Structured Finance Ratings: March 2010 Quarterly Update |
| December 2009 |
The Performance of Structured Finance Ratings: Mid-Year 2009 Report |
| August 2009 |
Default and Loss Rates of Structured Finance Securities: 1993-2008 |
| August 2009 |
The Performance of Structured Finance Ratings: Full Year 2008 Report |
| November 2008 |
The Performance of Structured Finance Ratings: Mid-Year 2008 Report |
| July 2008 |
Default & Loss Rates of Structured Finance Securities: 1993-2007 |
| July 2008 |
The Performance of Structured Finance Ratings: Full-Year 2007 Report |
| December 2006 |
Measuring Loss-Given-Default for Structured Finance Securities: An Update |
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| Publication Date |
Structured Finance Rating Transitions |
| April 2012 |
EMEA Structured Finance Rating Transitions: 1989 – 2011 |
| March 2012 |
Structured Finance Rating Transitions: 1983 – 2011 |
| August 2011 |
Structured Finance Short-Term Rating Transitions and Defaults: 1983 – 2011 H1 |
| April 2011 |
EMEA Structured Finance Rating Transitions: 1989 - 2010 |
| April 2011 |
Asia-Pacific (ex-Japan) Structured Finance Rating Transitions: 1990 - 2010 |
| April 2011 |
Japanese Structured Finance Rating Transitions: 1994 - 2010 |
| March 2011 |
Structured Finance Rating Transitions: 1983 - 2010 |
| April 2010 |
EMEA Structured Finance Rating Transitions: 1988 - 2009 |
| March 2010 |
Japanese Structured Finance Rating Transitions: 1994 - 2009 |
| March 2010 |
Asia-Pacific (ex-Japan) Structured Finance Rating Transitions: 1990 - 2009 |
| March 2010 |
Structured Finance Rating Transitions: 1983 - 2009 |
| April 2009 |
EMEA Structured Finance Rating Transitions: 1988-2008 |
| March 2008 |
Credit Migration of CDO Notes, 1996 - 2007, for US and European Transactions |
| March 2008 |
Asia-Pacific (ex-Japan) Structured Finance Rating Transitions: 1990-2007 |
| March 2008 |
EMEA Structured Finance Rating Transitions: 1988-2007 |
| March 2008 |
Japanese Structured Finance Rating Transitions: 1994-2007 |
| February 2008 |
Structured Finance Rating Transitions: 1983-2007 |
| June 2007 |
Short-Term Corporate and Structured Finance Rating Transition Rates |
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| Publication Date |
Other Structured Finance Default Studies |
| November 2011 |
Measuring the Performance of Credit Ratings |
| September 2011 |
Glossary of Moody’s Ratings Performance Metrics |
| December 2008 |
Updated Report on Volatility Scores and Parameter Sensitivities for Structured Finance Securities |
| May 2008 |
Introducing Assumption Volatility Scores and Loss Sensitivities for Structured Finance Securities |
| April 2007 |
Comparing Ratings on Jointly-Rated International Structured Finance Securities: 2007 Update |
| March 2007 |
Comparing Ratings on Jointly-Rated U.S. Structured Finance Securities: 2007 Update |
| December 2006 |
Deal Sponsor and Credit Risk of U.S. ABS and MBS Securities |
| December 2005 |
The Relationship between Par Coupon Spreads and Credit Ratings in US Structured Finance |
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| Subscription-based Reports |
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| Publication Date |
Current Samples |
| February 2010 |
Monthly Corporate Bond and Loan Default Report Sample: January 2010 Default Report |
| February 2010 |
Moody’s Structured Finance Rating Transition Report Sample: January 2010 Structured Rating Transitions |
| January 2010 |
Moody’s Rating Actions, Reviews, and Outlooks: Quarterly Update – Fourth Quarter 2009 |
| October 2008 |
Monthly Corporate Bond and Loan Default Report Sample: Sept. 2008 Default Report |
| October 2008 |
Moody's Structured Finance Rating Transition Reports Sample: Sept. 2008 Structured Transitions |
| October 2008 |
Quarterly Rating Actions, Review ad Outlook Report Sample: Moody's rating Actions, reviews and Outlook Quarterly Update |
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