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49
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0.16
pool 1981
pool 1986
pool 1991
pool 1996
pool 2001
0.14
Transition Probability
0.12
0.1
0.08
0.06
0.04
0.02
0
0
50
100
150
Horizon
200
250
300
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0.18
pool 1981
pool 1986
pool 1991
pool 1996
pool 2001
0.16
0.14
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0.12
0.1
0.08
0.06
0.04
0.02
0
0
50
100
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150
Horizon
200
250
300
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0.5
pool 1981
pool 1986
pool 1991
pool 1996
pool 2001
0.45
0.4
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0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
0
50
100
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150
Horizon
200
250
300
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0.9
pool 1981
pool 1986
pool 1991
pool 1996
pool 2001
0.8
0.7
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0.6
0.5
0.4
0.3
0.2
0.1
0
0
50
100
150
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200
250
300
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0.035
0.03
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0.025
0.02
0.015
0.01
0.005
0
0
50
100
150
200
250
Time
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0.025
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0.02
0.015
0.01
0.005
0
0
50
100
150
200
250
Time
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53
Non-parametric series for \step1months\increment1.mat and B Defaults
0.03
0.025
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0.02
0.015
0.01
0.005
0
0
50
100
150
200
250
Time
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Zrunlqj Sdshu
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Zrunlqj Sdshu
Zrunlqj Sdshu
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Zrunlqj Sdshu
Zrunlqj Sdshu
Zrunlqj Sdshu
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Zrunlqj Sdshu
57
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58
Qxpehu ri wudqvlwlrqv iru hdfk udwlqj fodvv
59
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5:
5;
5<
Non-parametric transitions for \step1months\increment1.mat and BB to BBB
0.035
0.03
Transition Probability
0.025
0.02
0.015
0.01
0.005
0
0
50
100
150
200
250
Time
Iljxuh 43= wudqvlwlrqv iurp EE wr
EEE wkh uvw prqwk ri h{lvwhqfh ri wlplqj srrov
Non-parametric transitions for \step1months\increment1.mat and BBB to BB
0.03
0.025
Transition Probability
0.02
0.015
0.01
0.005
0
0
50
100
150
200
250
Time
Iljxuh 44= wudqvlwlrqv iurp EEE wr EE wkh uvw prqwk ri h{lvwhqfh ri wlplqj srrov
63
Non-parametric transitions for \step1months\increment1.mat and BBB to A
0.035
0.03
Transition Probability
0.025
0.02
0.015
0.01
0.005
0
0
50
100
150
200
250
Time
Iljxuh 45= wudqvlwlrqv iurp EEE wr
D wkh uvw prqwk ri h{lvwhqfh ri wlplqj srrov
Non-parametric transitions for \step1months\increment1.mat and A to AA
0.015
Transition Probability
0.01
0.005
0
0
50
100
150
200
250
Time
Iljxuh 46= wudqvlwlrqv iurp D wr
DD wkh uvw prqwk ri h{lvwhqfh ri wlplqj srrov
64
Non-parametric transitions for \step1months\increment1.mat and BB to Default
0.014
0.012
Transition Probability
0.01
0.008
0.006
0.004
0.002
0
0
50
100
150
200
250
Time
Iljxuh 47= wudqvlwlrqv iurp EE wr G wkh uvw prqwk ri h{lvwhqfh ri wlplqj srrov
Non-parametric transitions for \step1months\increment1.mat and B to CCC
0.1
0.09
0.08
Transition Probability
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
0
50
100
150
200
250
Time
Iljxuh 48= wudqvlwlrqv iurp E wr
FFF wkh uvw prqwk ri h{lvwhqfh ri wlplqj srrov
65
Non-parametric series for \step1months\increment1.mat and CCC Defaults
0.35
0.3
Transition Probability
0.25
0.2
0.15
0.1
0.05
0
0
50
100
150
200
250
Time
Iljxuh 49= wudqvlwlrqv iurp FFF wr G wkh uvw prqwk ri h{lvwhqfh ri wlplqj srrov
66