# Survival Probability

From Open Risk Manual

## Definition

**Survival Probability**, in the context of multi-period credit risk analysis using a Credit Curve, denotes the likelihood that a legal entity does not experience a Credit Event during a defined period of time.

- In terms of the Incremental Default Probability we have where we denote with the incremental default probability during time
- In terms of the Marginal Default Probability we have where is the marginal default probability during period . The marginal default probability is also denoted the Hazard Rate
- In terms of the Cumulative Default Probability we have where is the cumulative default probability up to point