(a blog post. Your comments are appreciated.)
To me, credit risk is all about default risk. There's a whole industry around the rating, measurement/analysis, monitoring, hedging and control of default risk. As such, Credit risk is relevant to both investment banking (buy/sell, underwriting, M&A etc) and commercial banking (ie lending), but how relevant? I feel credit risk is one of many components of market risk in investment-banking, but credit risk is absolutely central to commercial banking.
For the Singapore financial industry, commercial banking generates (much) larger revenue than i-banking, and is a far more important industry to the national economy. Most S'pore businesses need to borrow from banks.
I guess credit risk analysis is more important than market risk analysis in S'pore.