Of the three firms, AIG represents their best hope, even though its credit spreads are still at levels that suggest a real risk of default.

尽管AIG的信贷息差水平仍然存在违约的实际风险，但在这三家公司当中，AIG仍是它们最大的希望。

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Credit derivatives, for example, allow investors to separate the risk of default from other risks, such as interest-rate movements.

信贷衍生工具，例如，允许投资者通过在其它风险中分割违约风险，正如利率运作。

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The three big credit-rating agencies have overhauled their methods of assessing default risk in the American subprime-mortgage market in the past month.

就在上个月，美国三大信用评分机构针对国内次级按揭市场固有风险的评估理念进行了彻底的检测。

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Essentially, this money machine used extreme diversity and interlinking of transactions plus the insurance (credit default swaps) to give the appearance of reducing risk such that there could be a AAA rating.

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Lenders say they need to charge higher rates partly because buyers of manufactured homes often have low incomes, imperfect credit and carry a higher risk of default.

WSJ: Prebuilt Loan Predicament

To be fair, none of the central banks realized that even the saving grace of spreading the risk of new products and innovations (like credit default swaps) would not of themselves prevent those who had been too optimistic from suddenly turning pessimistic.

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