Liquidity in the CDS market can help creditors hedge their debt to the company in question, so -- setting aside the moral question -- doing something erratic wi

Liquidity in the CDS market can help creditors hedge their debt to the company in question, so -- setting aside the moral question -- doing something erratic with the derivative market on their own credit would likely hurt their ability to borrow in the future. Creditors would be less confident about hedging, and would offer credit with less favorable terms to compensate.