Credit VaR for this portfolio assuming no default correlation and no recovery?

I am trying to estimate the Credit VaR for a portfolio of two risky bonds. The Credit VaR is defined as the maximum unexpected loss at a confidence level of 99.9% over a one-month horizon.

Assuming that both bonds are valued at $500,000 one month forward, and the one-year cumulative default probability is 2% for each of these bonds. What is they best estimate of the Credit VaR for this portfolio assuming no default correlation and no recovery?