Some philosophers and physicists believe that time is merely an illusion. (1) For purposes of credit and credit ratings, however, time absolutely exists and plays several key roles. This article explores several of those roles in the distinct contexts of (i) credit as a property of issuers and financial instruments and (ii) credit ratings. (Watch the related CreditMatters TV segment titled, "How Ratings Comparability Measures Credit Risk," dated Jan. 9, 2012.) This article consists of four parts. Part one is this brief introduction. Part two explores our views regarding the connection between creditworthiness and time. It illustrates that although the concept of credit is inherently connected to time, an obligor's default risk may not remain constant as time passes. Also,
