Graphical Data Representation in Bankruptcy Analysis



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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