Almost all of the respondents with non-quantitative methods did not incorporate the seniority of a security into their modeling, while all of the quantitative respondents took this into account in some fashion. Finally, larger firms and more quantitative firms are more likely to employ credit risk in almost every actuarial function, including multiperiod projections of credit risk. Most firms indicated that different modeling approaches are appropriate for different objectives or types of analysis, and they report either no constraints in their current modeling approach, or that they are constrained by people or budget issues