credit risk

1. Because credit spreads equal the product of the LGD and the POD, distinguishing between the credit risk and liquidity risk components of yield spread across all market scenarios is straightforward.
2. Given that frequent issuers with many bonds outstanding across maturities have their own issuer-specific credit curve, distinguishing between the credit spread and liquidity spread of all bonds for these issuers is straightforward.

老师，是不是以上2个区别都不是很明显？理由是什么？是市场环境恶化的时候，这两个风险之间的correlation会增加？