Vela relies on public and licensable reference data. We do not redistribute any rating agency's proprietary default study.
What we use
- Probability of default: EU Reg. 2016/1799 Annex I benchmark default rates by Credit Quality Step (public regulation).
- Loss given default: Basel Foundation-IRB supervisory LGD (BCBS; EU CRR Art. 161).
- Equity risk premium & betas: Damodaran Online industry and country datasets.
- Risk-free rates & FX: published government-bond yields and daily closing FX rates.
- Group rating treatment: S&P Group Rating Methodology (notching of subsidiaries under group support), applied as documented method.
- Credit scorecards: Vela's own sector calibrations — not sourced from any rating agency.
Each generated workbook reproduces the relevant source table and cites it on the calculation so a reviewer can reconcile every figure.