Real single-name CDS feeds cost $20k+/yr — so this engine builds the hedge-fund standard alternative: the CreditGrades structural model (the industry equity-to-CDS bridge from RiskMetrics/JPMorgan, 2002). It treats each firm's equity as a claim on its assets above an uncertain default barrier and backs out a market-implied distance to default, a 5-year default probability and a synthetic CDS spread for the big global banks and large corporates. Distance-to-default and its rank is the robust signal — structural models understate absolute investment-grade spreads. It then fuses that with the sovereign-CDS proxy, corporate bond stress, ECB systemic stress and the ex-US canary grid into one composite and an alarm board.