And credit risk management is the core of the pricing of the bonds default.

而信用风险管理的核心就是对违约债券的定价。

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For bank the credit risk management have two aspects. One is to manage the default of single borrowers and the other is to manage risk of the whole bank, which takes lots of loan as one portfolio.

对银行来讲，信用风险管理有两个层次，第一个层次是对单个贷款者的违约风险管理，第二个层次是整个银行的经营风险管理，把诸多的笔贷款看成一个组合。

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The model answer how much the probability when the default occur, so it can be used in credit risk management.

这事实上是一个典型的定量研究模型，模型回答了违约以多大的概率发生，因此可以用于信用风险管理。

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Treasurys remain a top choice for investors who value short-term safety over long-term growth because they carry negligible risk of default, says Erik Weisman, a portfolio manager at fund company MFS Investment Management.

WSJ: Upside: Finding Better Bond Yields Overseas

This risk-management system apparently proved itself during the crisis in financial markets that followed Russia's default on its sovereign debt last August.

ECONOMIST: Investment banking