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:

1. Bankruptcy
2. Obligation Acceleration
3. Obligation Default
4. Failure to Pay
5. Repudiation/Moratorium
6. Restructuring