The company's PD is 3.03%, and a limitation of the Merton model is that it cannot be applied to debt holdings maturing in more than 1 year.

The company's PD is 4.04, and a limitation of the Merton model is that it only applies under the assumption that the value of the firm is normally distributed.

The company's PD is 5.20%, and a limitation of the Merton model is that it is costly, especially for smaller firms, to continuously calibrate PD on historical series of actual defaults.

The company's PD is 12.49%, and a limitation of the Merton model is that it is not capable of continuously calibrating PD due to continually changing movements in interest rates and market prices.