PRMIA CCRM Practice Questions - PRMIA Credit And Counterparty Risk Management Certificate Exam

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Under the Basel default definition that PRMIA references, an obligor is considered in default when which of the following is true?

The obligor misses any single interest payment The obligor's credit spread widens by more than 100 bps The obligor is more than 90 days past due on a material credit obligation, or the bank considers it unlikely to pay in full The obligor's external rating is downgraded below investment grade

Correct Answer:

The obligor is more than 90 days past due on a material credit obligation, or the bank considers it unlikely to pay in full

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