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Two of the nation’s biggest construction companies are learning the risks of expanding in developing markets to offset dwindling domestic demand, credit default swap prices show.

The cost of insuring the debt of Taisei Corp., the nation’s third-largest general contractor, and No. 4 Kajima Corp. rose faster than contracts for any other Japanese nonfinancial company over the last month after the daily Asahi reported they might not collect $1.2 billion owed for work in Algeria.

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