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SEVEN澤🐻 · 2023年12月25日

老师好，可否解释下CDEF的意思

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000062

问题如下：

Match the indicators below to the impact (positive or negative) on the creditworthiness of a general obligation bond issued by a state government:


选项：

解释：


A. Positive, as low unemployment indicates a more productive and income-generating population with potential for higher tax revenue.

B. Negative, as low per capita income reduces the potential for tax collection and any potential tax raise.

C. Positive, as low per capita debt suggests a higher debt service ratio and greater capacity for additional debt, if required.

D. Negative, a low tax base limits the potential for tax collection and significantly weakens the potential for state revenue to meet expenses and service its debt.

E. Negative, as the more diversified the state’s revenue stream, the higher its credit quality. Overreliance on a single revenue stream creates the potential for volatility in case of any economic disruption.

F. Negative, as high post-retirement obligations indicate further state indebtedness, reducing its ability to service its debt.

老师好，可否解释下CDEF的意思

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1 个答案

吴昊_品职助教 · 2023年12月26日

嗨，从没放弃的小努力你好：


C：low per capita debt，人均债务低，这是有利因素，positive

D: low tax base，税基较低，不利因素，negative

E: 高依赖于消费税，不利因素，negative。（国家的收入来源越多样化，越好）

F: high post-retirement obligations，高额退休后义务，也是不利因素，negative

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