The misestimation of rating transition probabilities may lead banks to lend money incoherently with borrowers’ default trajectory. causing both a deterioration in asset quality and higher system distress. Applying a Mover-Stayer model to determine the migration risk of small and medium enterprises. we find that banks are over-estimating their credit risk resulting in excessive r... https://www.roneverhart.com/Craggy-Range-Sauvignon-Blanc-Te-Muna-Road-Vineyard-Martinborough-2022/