Top 10 Most Likely to Default

SUBHEAD: The index used below is called the Cumulative Possibility of Default (CPD). [Publisher's note: Greece is not the most likely place for the unraveling to begin.] By Staff on 11 February 2010 at CNBC - (http://www.cnbc.com/id/34465366/?slide=2) If, for example, a country has a 20% CPD, it has a one in five chance of defaulting in the next five years. 10. Greece

CPD: 18.67% Fitch/Moody's Credit Rating: BBB+ / BBB+

9. California, USA

CPD: 18.97% Moody's Credit Ratings: Senior-most tax backed: Baa1 Senior-most revenue backed: Baa1 Outlook: Stable

8. Lithuania

CPD: 19.11% S&P Credit Ratings: Foreign Long Term: BBB Foreign Short Term: A-3 Credit Watch/Outlook: Negative

7. Iceland

CPD: 24.66% S&P Credit Ratings: Foreign Long Term: BBB- Foreign Short Term: A-3 Credit Watch/Outlook: Negative

6. Dubai, UAE

CPD: 25.71% S&P Credit Rating: * Foreign Long Term: BB+ Local Long Term: BB+ Credit Watch/Outlook: Negative

5. Republic of Latvia

CPD: 30.47% S&P Credit Ratings: Foreign Long Term: BB Foreign Short Term: B Credit Watch/Outlook: Negative

4. Pakistan

CPD: 38.11% S&P Credit Ratings: Foreign Long Term: B- Foreign Short Term: C Credit Watch/Outlook: Stable

3. Argentina

CPD: 46.06% S&P Credit Ratings: Foreign Long Term: B- Foreign Short Term: C Credit Watch/Outlook: Stable

2. Ukraine

CPD: 52.91% S&P Credit Ratings: Foreign Long Term: CCC+ Foreign Short Term: C Credit Watch/Outlook: Stable

1. Venezuela

CPD: 56.26% S&P Credit Ratings: Foreign Long Term: BB- Foreign Short Term: B Credit Watch/Outlook: Negative .

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