In other words, private markets need to be convinced both that there is a low probability of default (hence the importance of credible plans), and that there is some additional loss-bearing capacity in the new funding, so that, if there is a default, outstanding or rolled-over private debt does not have to bear the full brunt.
换句话说，你必须让私人市场相信，你的违约概率很低（因此可信计划非常重要），且新融资会有增加的损失吸收能力，万一违约发生，未偿还或展期的私人债务不会受到完全的损失。