Macroeconomic factor analysis:
Mauricio has downloaded data from various sites and is processing the data.  We are yet to hear further from D&B on what data they can provide, with regard to aggregate bankruptcy rate.

Modeling using both financial statement data and payment history data:
Kenneth has prepared a preliminary report.  However, we need to change the way missing values have been replaced and repeat the modeling.  I have suggested to use overall mean of the respective variable for now.  Kenneth will work on it.

Drivers of ratings downgrade:
Kenneth is reviewing literature on this topic.  Sector specific factors identified in this study may also be useful in determining qualitative factors we need to evaluate in the movement model framework.

Spreadsheet implementation of private firm model:
I have implemented a spreadsheet version of the private firm model, which I will email to Craig Chaney today.