Frequently Asked Questions

1. How does the CRI differ from the commercial Credit Rating Agencies (CRAs)?

The Credit Research Initiative (CRI) is a non-profit undertaking at the Risk Management Institute (RMI) of the National University of Singapore. Over the course of its development since 2009, the CRI has been dedicating to promoting credit research and offering directly useful credit analytics to the market participants.

Being non-profit, the CRI does not suffer from the conflict of interest issues inherent to for-profit CRAs. Its daily updated default predictions are more granular and timely than their alternatives. Its methodologies are non-proprietary and completely transparent. For a full exposition of the CRI, please refer to CRI’s Conceptual Foundation


2. How can I access the various data products of the CRI?

With a general user account, a viewer can access the corporate PD & AS data for 5,000 firms globally alongside other products on this website. To access the full coverage of over 66,000 firms, an account holder can request a global access by managing his/her account. A global user account holder can also download the historical time series of a variety of data products from the “Data Download” section. Both types of accounts request proper approval but are free of charge. Alternatively, a viewer can access the CRI CVI data from Bloomberg (ticker: RMII) and CBonds ( He/she can also access the daily updated CRI PDs via Thomson Reuters.


3. How frequently are the CRI data updated on this website?

The CRI PD & AS are updated daily according to the following schedule: the individual PD & AS for Asia-Pacific: 8.30am SGT; European and North American markets: 2.30pm SGT; Latin American market and aggregate PD & AS: 3.30pm SGT. The CVI is updated at 4.30pm SGT.


4. How can I know the quantitative models to generate the CRI data, their performances, their implementation details, etc.?

Please refer to the latest technical report or white papers in the “Methodology” section. You may also contact for any queries or feedback.


5. Can I use the CRI data for academic purpose?

We encourage academics to make use of the CRI’s data in their publications. Please cite in the following way: Source: National University of Singapore, Risk Management Institute, CRI database. Available at: [Accessed DD Month YYYY]


6. Can I use the CRI data for investment purpose?

User should use the CRI data at his/her own discretion. The information contained herein is not a statement of recommendation to purchase, sell or hold any securities. Please refer to our disclaimer for further information.