评级下调也可能是信用违约互换(CDS)等金融合同的触发事件，迫使资金易手。历史上，评级下调也曾令市场风声鹤唳。
Downgrades can also be trigger events in financial contracts, like credit default swaps, that force money to change hands between parties; and they have historically spooked markets.
这轮事件的原因是由于公司债上的信用违约互换的扩张。
The cause of this turn of events is the proliferation of CDSs on the company’s debt.
对于公司的信用违约掉期而言，在申明该公司发生了违约事件并赔付补偿金之前，对其债务偿付都有一段宽限期。
A corporation generally has a grace period on its debt payments before a credit event is declared and protection is paid off.
新的底线是现在避免信用违约互换的信用事件。
在主权信用违约掉期中，赔偿费取决于“信用事件”，这明显比不能支付利息，拖延支付本金或是债务重组要广义得多。
Under a sovereign CDS, a claim depends on a "credit event", which is defined broadly as a failure to pay interest, a moratorium on principal repayments or a restructuring of the debt.
如果债务持有人在优先股分红的项目上遭受损失，将会引发一系列“信用事件”，出售掉这些“信用违约互换项目”，银行将面临更巨大的支出。
If the debt's holders suffer losses in a bail-out, triggering a "credit event", Banks that had sold the swaps would face huge payouts.
发达国家的违约事件极其罕见，而新兴市场则相反。这就让投资者难以估计信用违约掉期定价中的一项关键因素，即他们能从（发达国家中的）破产事件中回收多少钱。
Rich-country defaults are extremely rare (emerging markets, less so) which makes it difficult for investors to estimate how much they would recover in bankruptcy, a key determinant in CDS pricing.
其中最为突出的部分是放弃对私人部门参与者的承诺，承诺确保私人部门参与者回避任何可能激起信用评级机构宣布选择性违约的事件。
Most striking is the seeming abandonment of the commitment to ensure that any private-sector involvement avoid anything that might provoke credit-rating agencies to declare a selective default.
此外，欧洲央行依然反对对希腊债务进行任何可能被看作“信用事件”的重组。债务条款变更行为从技术上说可以定义为违约。
In addition, the European Central Bank remains opposed to any restructuring of Greek debt that could be considered a "credit event" - a change in terms that could technically be ruled a default.
上述观察产生了一个警示：当贷款违约，特别是这类事件被披露在借款人的信用报告中时，这份报告反过来又降低了借款人的信用分数。
One caveat to the above observation may be that when loan defaults, typically such events are reported on borrower's credit report which in turn results in lowering of FICO score for the borrower.
上述观察产生了一个警示：当贷款违约，特别是这类事件被披露在借款人的信用报告中时，这份报告反过来又降低了借款人的信用分数。
One caveat to the above observation may be that when loan defaults, typically such events are reported on borrower's credit report which in turn results in lowering of FICO score for the borrower.
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