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Table 1 Average 1-year corporate transition rates for Europe (1981–2013) (%).

From: On meeting capital requirements with a chance-constrained optimization model

RATING AAA AA A BBB BB B CCC/C D Not rated
AAA 83.12 10.76 0.63 0.21 0.00 0.00 0.21 0.00 5.06
AA 0.28 84.32 10.92 0.66 0.00 0.00 0.00 0.00 3.81
A 0.02 2.17 85.95 6.36 0.24 0.02 0.00 0.05 5.20
BBB 0.00 0.12 4.26 82.99 4.31 0.50 0.12 0.10 7.70
BB 0.00 0.00 0.13 4.92 71.46 8.02 0.57 0.57 14.33
B 0.00 0.00 0.07 0.49 7.52 68.31 4.85 3.30 15.46
CCC/C 0.00 0.00 0.00 0.00 0.00 16.22 31.76 31.76 20.27