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Credit event
An event that has an impact on the creditworthiness or solvency of a debtor, and that is a trigger for making payments under credit derivatives such as credit swaps.
Credit events may include, depending on the contractual terms, the fact that the debtor becomes insolvent or goes bankrupt, the debtor's failure to meet commitments, for example failure to pay interest or principal on the debt at maturity, or a rating downgrade by a credit rating agency.