Reduced-form credit-pricing framework: default time τ is the first jump of an inhomogeneous Poisson process with hazard rate h(t). Risky zero-coupon bond price barP(0,T) = mathbbE^mathbbQ!left[e^-int_0^T r(s),ds,(mathbf1_τ > T + R· mathbf1_τ ≤ T)right]. Under independence of rates and default, factorises into P(0,T)· S(T) plus a recovery term. The canonical alternative to Merton-structural — calibrates directly to CDS market without needing a firm-value model.