Q38: In multiperiod models, do credit assumptions vary (either explicitly or endogenously) throughout the credit cycle, or is a single fixed rate or average rate used over the full credit cycle?
Q39: Do any of the credit modeling assumptions used at the company utilize correlation either explicitly or endogenously between default and recovery rates?
Q40: If not, why not?
Q41: Is the default-recovery correlation allowed to vary over time or across scenarios?