credit risk
as defined in Directive 2009/138/EC of the European Parliament and of the Council of…, Article 13, point (32) (Definitions)
the risk of loss or of adverse change in the financial situation, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors to which insurance and reinsurance undertakings are exposed, in the form of counterparty default risk, or spread risk, or market risk concentrations