Introduction

Abstract

The origin of internal rating systems is a subject of great relevance in the corporate financing systems field, but it is certainly not new, having been discussed in the literature, particularly during the financial crisis (Gray et al., 2006; Loffler, 2004; Graham and Harvey, 2001; Stiglitz and Weiss, 1986). Therefore, the banks have committed significant investment for the development and application of new methods of assessing credit risk, driven primarily by the entry into force of the new capital adequacy rules.