12:00 Jan 16 

I don't think anybody could "guess" that from the Italian!

11:15 Jan 16 

I'm going to close this question but I've got some more information from the client, and so it's now clear to me what it all means. First of all I should have put the whole phrase as the question rather than utilizzi a incaglio - as Phil rightly pointed out that term has already been dealt with. The background is that the original definition of 'default' in the rating system was all subjects 'a sofferenza' or 'a incaglio', with all other subjects being 'in bonis'. The paragraph above refers to a new default definition where subjects with 'utilizzi a incaglio' are identified from a credit register and then classified as 'in bonis' rather than default. Thanks for everyone's comments.

14:58 Jan 12 

Hi Jim,
It's generally about loans I think. The document discusses the methodology for developing a credit rating model and this particular paragraph to the definition of what constitutes a default to then be used to test the model. There's not much more of the context I can include. I'll see what else I can get out of the client.

14:53 Jan 12 

It is very cryptic, for instance "rettifica in bonis" and "utilizzi a incaglio" just do not Google at all. I have an idea of what they mean. Firstly is this about loans (very probable) or is it about other similar types of debt, such as factoring of financial leasing (possible)? Secondly could you just give more of the surrounding Italian text, please?