This paper provides a simple model for valuing a credit derivative whose payoff depends on the identity (or identities) of the first (or first two) to occur of a given list of credit events, such as defaults. The joint survival probability of occurrence times of credit events is formulated in terms of stochastic intensity processes under the assumption of conditional independence. Based on the joint survival probability, we can easily obtain the pricing formulas of such credit derivatives under the risk-neutral valuation framework. When the default intensity processes follow the extended Vasicek model, closed-form solutions of the pricing formulas are given. © 2000 Kluwer Academic Publishers.