====== Credit Risk ======

Credit Risk is the risk of the default of a debt. 

Every credit operation has a default risk.

A credit agreement can be unfilled by:
  - Non payment
  - Partial payment
  - Later than prearranged payment date

For the lender, it's a problem of [[imperfect information]].

Large [[financial institutions]], like [[Banks]] employ own models to classify it's clients. 

There are companies engaged in evaluate the financial situation of governments and large companies. The biggest [[en:credit-rating-agency|credit rating agencies]] are:
  * Standard & Poor's
  * Fitch
  * Moody's