Given all this, the recession will lead to a sharp increase in corporate defaults, which had been very low over the last two years, averaging 0.6% per year, compared to an historic average of 3.8%. During a typical recession, the default rate among corporations may rise to 10-15%, threatening massive losses for those holding risky corporate bonds.
在这些情况下，衰退将会导致不履行债务的企业急剧增多，这一数字在过去两年曾经非常低，每年平均为0.6%，而历史平均数为3.8%。在典型的衰退期间，不履行债务的企业的比率可能升高到10-15%，从而使那些持有高风险公司债券的机构面临巨额损失的危险。