cliff risk
n.— «In the credit derivatives market, certain instruments are exposed to what is known as “cliff risk.” This ominous sounding phrase describes a situation where the last in a series of adverse developments obliterates the value of what was only recently viewed as a triple-A-rated security. Up until that point, however, rating agencies, investors, and bankers assume that circumstances will eventually right themselves and that the principal will be paid in full, in spite of whatever bad news might have come along beforehand.» —“Credit Spinning Out of Control: America, a Cliff-Risk Nation” by Michael Panzner Seeking Alpha Apr. 9, 2007. (source: Double-Tongued Dictionary)
Further reading
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