Retailers also continue to experience a higher average probability of default, based on the Sageworks probability of default model, a predictive statistical model for the credit analysis of small or privately held companies.

FORBES: Private Retailers' Sales On The Move

Under KMV's model, the typical default probability is 15% in Indonesia and 18% in Thailand.

FORBES: Default-risk bookies

Ongoing relationships with community banks have also helped Sageworks develop a statistically based model predicting the probability that, within a year, a business will default on a loan.

FORBES: Two signs private companies are stronger