What are the differences between external rating and internal rating processes? How can one check whether a bank rating is PIT or TTC? Mention few borrower-specific and market-specific risk factors in...

What are the differences between external rating and internal rating processes? How can one check whether a bank rating is PIT or TTC? Mention few borrower-specific and market-specific risk factors in predicting default risk. Which credit risk models discussed in this section are really forward looking?