What is a Credit Event?
A credit event is a pre-defined event related to the change in the credit standing of a borrower. It is called so because the occurance of such an event is a trigger for a credit derivative such as a credit default swap.
The International Swaps and Derivatives Association (ISDA) has defined 6 credit events:
- Bankruptcy
- Obligation Acceleration
- Obligation Default
- Failure to Pay
- Repudiation/Moratorium
- Restructuring
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