Back-of-envelope approximation relating par CDS spread s, hazard rate h, and recovery rate R: s ≈ h,(1 - R). Holds exactly in continuous time with constant hazard and zero rates; in practice it is the first-pass inference of market-implied hazard from CDS quotes (e.g. s = 200 bps, R = 40% implies h ≈ 333 bps). For more accuracy: full piecewise-constant hazard bootstrap from the CDS curve.