Why not google credit default risk ccc rating.... better to have implied default risk than to go with just what you "think". But then maybe you have your mind made up and are not seeking information except that which fits your strategy. What was that line from Simon and Garfinkle??...~ ~" a man hears what he wants to hear and disregards the rest." (could apply to me, too) You might also want to dissect the MNI balance sheet in some detail. About $1 billion of their debt isn't due until 2014 stretchting out to ~2027... giving them more flexibility to work with the banks than if that money were due within the next 5 years. All that said... bankruptcy is a possibilty... just not being implied at nearly 50% by the current credit rating.