Which credits are covered by the CDS market?

CDS: the basics

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In theory, a CDS can be written on any name, and at any part of the capital structure that has an outstanding obligation in the loan or bond market, from triple-A rated sovereign and supranational borrowers down to corporates and other issuers rated as low as single-C.

There is no requirement for the underlying entity to be publicly rated, although the liquidity of CDSs on unrated entities will generally be lower than on rated names.

In practice, however, with S&P and Fitch describing

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