问题如下：
Kowalski asks Lebedeva, “What might cause the bond’s credit spread to decrease?” The most appropriate response to Kowalski’s question relating to the credit spread is:
选项：
A.an increase in the hazard rate.
an increase in the loss given default.
a decrease in the risk-neutral probability of default.
解释：
C is correct. A decrease in the risk-neutral probability of default would decrease the credit valuation adjustment and decrease the credit spread. In contrast, increasing the bond’s loss-given-default assumption and increasing the probability-of-default (hazard rate) assumption would increase the credit valuation adjustment and decrease the fair value of the bond (and increase the yield to maturity and the credit spread over its benchmark).
老师想确认一下，Credit spread 是和 POD，CVA，LGD 是成正比，和FV成反比是吗？ 但是我记得老师在课里讲到过一次说POD和LGD成负相关
