The paper presents a unified framework where a simple structural model of the macroeconomy is combined with an affine model of corporate default intensities. The main innovation of the paper is that the authors use structural macroeconomic framework, rather than starting from a reduced form representation and incorporate the structural model of macroeconomy in multivariate dynamics risk-neutral default intensities. The approach shows estimation of default intensity parameters from macroeconomic prospective. The combined model allows getting more precise corporate default intensities parameters and recovery rates that could be used for the fair CDS premium calculation.