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Transocean Inc. (RIG) has a CDS spread for a 5yr contract trading at 440 bps (assume a 60% loss given default). The contract spread falls

Transocean Inc. (RIG) has a CDS spread for a 5yr contract trading at 440 bps (assume a 60% loss given default). The contract spread falls to 350 bps for a 5yr contract. What is the new implied probability of default? (Answer in percentage points, so 3.00% will be 3.00.)

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