22
W. K. Hardle, R. A. Moro, and D. Schafer
Probability of Default
-20 0 20 40 60
Net income change, K21
Fig. 18. Probability of default plotted for the variables K21 and K29. The b ound-
aries of five risk classes are shown in blue, which correspond to the rating classes:
BBB and above (investment grade), BB, B+, B, B- and lower.
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