To assess the inferred correlation of defaults for the upcoming year in a credit portfolio containing two distinct credit assets, consider the following:

• One asset is rated BBB, with an individual default probability of 3.5%.
• The second asset is rated BB, with an individual default probability of 4.2%.
• The joint probability of default for both of these assets is observed to be 1.0%.

Given this data, calculate the inferred correlation of defaults for these two credit assets.