State-of-the-art tools and techniques for controlling credit risk exposure of all types, in every environment The oldest risk in world financial markets--credit risk--has become a leading source of problems and confusion, not just for bankers and investors but for all finance professionals. The Standard & Poors Guide to Measuring and Managing Credit Risk will help you understand every aspect of credit risk, and provide you with todays most up-to-date techniques and models for identifying, measuring, monitoring, and controlling your organizations credit risk exposure. Praise for The Standard & Poors Guide to Measuring and Managing Credit Risk: de Servigny and Renault have written a valuable reference book on the analytics of credit markets. Theory and data are integrated seamlessly throughout the manuscript. The mathematical treatment is complete, though not overbearing. The economics, pricing, structuring and capital allocation aspects are artfully combined into a coherent whole. Jamil Baz, Global Head of Fixed Income Research, Deutsche Bank