CDS spreads and default risk : a leading indicator?

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<subTitle> : a leading indicator?</subTitle>
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<namePart>D'Albert, Kevin</namePart>
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<dateIssued>2011</dateIssued>
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<abstract displayLabel="Summary"> Credit default swap (CDS) spreads have been gaining greater visibility as default risk indicators over the past several years. Fitch Ratings provides its ratings analysts with access to CDS pricing data as one of many analytical tools, and outliers whose spreads deviate significantly from peers may prompt further review of an individual credit. Some market participants also use CDS spreads to derive quantitative estimates of a company's probability of default (PD)</abstract>
<note type="statement of responsibility">Robert Grossman, Martin Hansen, Kevin DAlbert</note>
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