Caliber explanation
An upgrade of the KMV model: point-in-time default risk becomes a through-the-cycle letter, so short-run volatility stops whipsawing the rating — proposed and developed by Prof. Yimin Yang.
† RS = 100 · TiC is the first-passage score; RS_SP is the one Table 8 is read with. Asset and MarketCap arrive in thousands of USD and are printed at full magnitude.
Every day carries its own trailing calibration, so AssetVol, AssetRet and StockVol are series — the values here are the rating date's own fit.