Fence paradox and debt-market crisis

As recent incidents show, triple A ratings can turn to default in less than a year

Companies defaulting on their debt obligations are very much in the news. Promoters are defaulting while banks and NBFCs are scrambling to recover their money. Mutual fund schemes, too, are devising ways to separate instruments that are not paying from those that continue to do so. 
 
There is a pall of fear that more companies may default before things get better. It reminds me of the fence paradox theory. Think of a cliff with a beautiful view of a river running in a valley thousands of feet below. One careful watcher lies on his stomach and peers over the