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KEY Excerpt: "So far, few CDS contracts have been triggered because corporate defaults have been rare. But debt agencies expect the worldwide default rate for junk-rated firms to jump this year from 0.9% to just under 5% -- the historical average -- as the economy weakens.
The overall corporate-insolvency rate (encompassing investment-grade and junk debt) is set to return to a historically typical 1.25%. That would trigger around USD 500 billion in default insurance, however, whether the payments will be made is a matter of solvency."