NO.PZ2016082406000022
问题如下：
A rating transition table includes sufficient information to find all but which of the following items?
选项： A. The
likelihood that an AA-rated firm will fall to a BB rating over five years
B. The
price of a bond that has been downgraded to BB from BBB
C. The
probability of default on a B-rated bond
D. The
probability that a high-yield bond will be upgraded to investment grade
解释：
ANSWER: B
Transition matrices have no information about prices, so answer B is the correct choice. A rating transition table has probabilities of changing from one rating to another over one year, which can be extrapolated over several years (statement A). This also includes default (statement C). The probabilities can be used to group ratings (statement d.).
Hyb 和 ig不是两块范围吗？这种情况怎么可以知道具体的概率呢？
