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A credit default swap is an instrument that can be characterized best as: ().
A.Any swap that has one or more parties in default
B.A swap that can only be valued against non–investmentgrade debt securities
C.An option to sell defaulted securities at par value to a third party in exchange for a series of fixed cash flows
D.Any swap that defaults to a thirdparty guarantor should a party to the swap file for bankruptcy protection
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