 The above framework provides a method to quantify credit cycles, their systematic and random components and resulting PIT and TTC PDs.This is accomplished for wholesale credit by summarizing, for each of several industries or regions, MKMV EDFs, Kamakura Default Probabilities (KDPs), or some other, comprehensive set of PIT PDs or DRs.After that, one transforms these factors into convenient units and expressed them as deviations from their respective, long-run-average values.