The CRI at a glance

Who we are

The Credit Research Initiative (CRI) is a non-profit undertaking at the Risk Management Institute (RMI) of the National University of Singapore. It was launched in July 2009 by then the RMI director Professor Duan Jin-Chuan with the able assistance from Dr. Oliver Chen. Over the course of its development, the CRI has been dedicating to promoting the research on credit risk and offering directly useful credit analytics to the market participants. 

What we do

The CRI uses scientific methods (e.g. forward-intensity default prediction model, Duan et. al. 2012, Journal of Econometrics, and others) to provide credit ratings for exchange-listed companies around the world. Up to date, the CRI has developed a number of data products, including the Probability of Default (PD), Actuarial Spread (AS), and the Corporate Vulnerability Index (CVI) that are updated daily with newly collected information. The rating data are available for over NoOfCompanies firms in NoOfEconomies economies and are accessible through this website free of charge. Some of them can alternatively be obtained through Bloomberg, CBonds, and Thomson Reuters potentially at a cost wherever requested by the data distributors.


As a research center, the CRI produces a suite of publications (Weekly Credit Brief, Quarterly Credit Review, Global Credit Review, and Special Reports) to disseminate novel technologies in credit research and release commentaries on the occurrences in the credit market. To promote the exchange of perspectives and expertise, the CRI regularly hosts visits of experts from research bodies (call for proposal) and other professional organizations.


Thanks to its unique data management infrastructure and credit analytics expertise, the CRI has been constantly called upon by corporates, financial institutions, and international organizations, such as IMF, for its value-added services. Based on their various requests, the CRI has helped the external parties to compile data in prescribed formats, build bespoke models, create readily actionable toolboxes, etc.

How we work

The CRI adopts a “public good” approach to building its credit ratings infrastructure, much like the way in which the public sector does for highways and public educational systems. Its rating data are released daily on its website and are available for free. Its rating methodologies are also made available publicly.