问题如下：
Blackstone Credit, Inc., made a loan to a small start-up firm. The firm grew rapidly, and it appeared that Blackstone had made a good credit decision. However, the firm grew too fast and could not sustain the growth. It eventually failed. Blackstone had initially estimated its exposure at default to be $1,200,000. Because of the firm’s rapid growth and resulting increases in the line of credit, Blackstone ultimately lost $1,550,000. In terms of credit risk, this is an example of:
选项：
A.default on payment for goods or services already rendered.
B.a more severe loss than expected due to a ratings downgrade by a rating agency.
C.a more severe loss than expected due to a greater than expected exposure at the time of a default.
D.a more severe loss than expected due to a lower than expected recovery at the time of a default.
解释：
C Blackstone lost more than expected due to greater (exposure at the time of default than initially estimated. The borrowing firm was a small start-up, so it was not likely rated. There were no goods or services rendered in this case. In addition, there is no mention of recovery. This is also an example of credit risk arising from default on a financial obligation.
借款在最初借出去的时候敞口就已定了，为什么随着公司的成长会变大
