Standard credit risk analysis industry practices work great for public counterparties, with a rating to anchor to, financials to feed the model, and a market price to check it against, but fail for private unrated counterparties, which lack those.  An internal model still returns a PD and a CCF, but there’s no external opinion to […] The post Modern Credit Risk Analysis: Assessing Every Rated and Unrated Counterparty appeared first on Credit Benchmark .