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.

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。

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In the past couple of years the fastest-growing corner of these markets was credit-default swaps, which allowed people to insure against the failure of the new-fangled credit products.

在过去几年中，该市场最快的增长发生在信用违约互换(CDS)领域，利用此类和约，人们可以对这些新奇信贷产品的违约进行投保。

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Some in the markets have taken fright, too: the country's credit-default swaps imply a 50% chance of default by 2015.

国内某些市场已受到惊吓。这个国家的信用违约掉期表明到了2015年委内瑞拉拖欠债务的可能性起码有50%。

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More critically, these risks can spread like wild fire as we saw in collateralised debt obligations and credit default swaps markets.

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And as the bond and credit-default-swaps markets expand, the stakes will get higher.

ECONOMIST: Credit-rating agencies

The Fed rigged interest rates and big government rigged the rules to unhinge the subprime-mortgage, derivatives and credit-default-swaps markets, which the banks took full advantage of, and when the balloon went up they stuck out their hands for a Big Government bailout.

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