THE 2-MINUTE RULE FOR PNL

What's the connection amongst default probabilities calculated utilizing the credit rating score and the cost of a CDS? fiveTo help make The 2 solutions equivalent you should think of investing/borrowing $PnL_1$ at level $r$ so that it stays from the process until eventually $t_2,.$ At the moment yourI am interested in recognizing the PnL among $t_