This risk depends on the particular corporation issuing the bond, the current market conditions and governments to which the bond issuer is being compared and the rating of the company. Corporate bond holders are compensated for this risk by receiving a higher yield than government bonds. The difference in yield (called credit spread) reflects the higher probability of default, the expected loss in the event of default, and may also reflect liquidity and risk premia; see Yield spread #Yield spread analysis, Bond credit rating, High-yield debt.