> ## Documentation Index
> Fetch the complete documentation index at: https://docs.creditbenchmark.com/llms.txt
> Use this file to discover all available pages before exploring further.
# PD Aggregates Overview
> Credit Benchmark builds portfolio-level credit risk indices from contributed PD data, covering CB Aggregates, custom aggregates, and client aggregates.
PD Aggregates are portfolio-level credit risk indices built by applying Credit Benchmark's aggregation methodology to a defined universe of entities. The same calculation process applies regardless of which data source or entity set is used — see [Aggregate Calculation Methodology](/methodology/pd-aggregates/methodology).
## Three Types of Aggregates
Pre-built indices using Credit Benchmark's **PD data and entity universe**, segmented according to the [CB industry schema](/data/industry-schema-definitions). These are ready-to-use benchmarks for common market segments — US Corporates, European Financials, Global Technology, and more.
Use these for benchmarking a portfolio against a **published CB market view**.
Indices built from Credit Benchmark's PD data applied to **your specific entity list**. You define the universe and segmentation; we supply the Consensus PD data and run the aggregation.
Use these when you want **CB's independent credit view** on your own portfolio or peer group.
Indices built from **your bank's own internal PD data**, aggregated using the CB methodology. Applies the same rigorous calculation process to your portfolio that powers CB's standard indices.
Use these for consistent **time-series analysis of your internal book** using a standardised aggregation approach.
## Output Views
Each aggregate can be expressed three ways depending on the analysis:
* **Segment PD Average** — absolute probability of default for the segment at each point in time
* **Segment PD Rebased** — relative change from a chosen base date, showing directional risk movement
* **Segment Average Rating** — aggregate PD mapped to the CB rating scale
