4
Rating Migrations
4.1
Rating Transition Probabilities
4.2
Analyzing the Time-Stability of Transition Probabilities
4.3
Multi-Period Transitions
4.3.1
Time Homogeneous Markov Chain
4.3.2
Bootstrapping Markov Chains
4.3.3
Computation and Quantlets
4.3.4
Rating Transitions of German Bank Borrowers
4.3.5
Portfolio Migration
Bibliography