default risk
The likelihood that a corporation or government bond issuer will fail to repay its debts. Bond ratings from services such as Standard and Poor's, Moody's Investors Service, and Fitch ratings provide investors with a means of evaluating the issuer's creditworthiness and by extension the default risk for a given bond.
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CC rating
CCC rating
BBB rating
American Municipal Bond Assurance Corporation (AMBAC)
A rating
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Federal National Mortgage Association (FNMA or Fannie Mae)