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\begin{abstract}
  Credit risk area is one of the most rapidly developing areas of
  finance. Constantly appearing new credit instruments as well as
  increasing volume of transactions produce great demand for models
  that could help to value and manage the risk. The existent credit
  migration models, however, have a number shortcomings, which make
  them not very useful in practice.  We propose a model, which
  mitigate many of those problems.  Examples of the model use are
  dynamic pricing of some credit derivatives as well as different risk
  management applications.  This is the second presentation on this
  topic. The first part was presented at our seminar in April 2005.
  There the main properties of the new model were presented. At this
  second presentation the main focus is going to be on the study of
  introduced correlation between rating migrations in the model.
\end{abstract}
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