According to the CMA Sovereign Rate Risk Monitor, below is a list of the top ten countries with the highest default probilities on their respective debt based on current CDS (credit default swap) pricing.
Venezuela 60.71%
Ukraine 53.75%
Argentina 50.93%
Pakistan 36.21%
Dubai 31.14%
Latvia 30.38%
Iceland 25.65%
Lithuania 19.67%
California 19.16%
Romania 17.35%
Notice number 9 on the list? While there is usually always a mix of countries and republics, it was surpising to see a US state on the top ten list. It may mean something or may mean nothing, but interesting none the less.
