Credit risk in financial markets can be managed using an innovative approach based on implied ratings from CDS spreads. This method compares implied ratings with those from rating agencies like Moody's, S&P, and Fitch for 52 countries. The model uses CPD intervals to define implied credit ratings, which can signal potential upgrades or downgrades in official ratings. This approach helps verify ratings when agencies differ, especially between investment-grade and speculative-grade ratings.