8x8 stochastic matrix; e.g. A→A=92.0%, A→Baa=5.2%, A→Default=0.07%
| source | Moody's Annual Default and Recovery Studies |
| derivation | published_source |
| quality | published |
| regulatory frameworks | NAIC RBC C1 |
| set | 2026-05-25 |
| last reviewed | 2026-05-25 |
| next review due | 2026-06-30 |
Drives multi-year credit migration projection; refreshed annually post-Moody's release (typically Q1).