Which statement best describes the return to loans after ratings change?
　　A. Loan returns are asymmetric since the lender only partially absorbs the downside losses.
　　B. Loan returns are symmetric as the lender absorbs all the downside losses and absorb the upside.
　　C. Loan returns are symmetric as the lender enjoys upside benefits.
　　D. Loan returns are asymmetric as the lender absorbs all the downside losses and none of the upside.
　　Answer:D
　　Lenders absorb all losses in default but receive no upside if the borrower improves in credit quality.