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When describing the relationship between credit rating scales and implied probabilities of default, which of the following statements is false? A. Implied default probabilities rise as credit ratings decline. B. The relationship is non-linear because implied default probabilities rise at an increasing rate for each one-notch decline in a credit rating. C. Credit rating scales and implied probabilities of sovereign defaults have a direct, non-linear relationship. D. The increase in the implied default probability will be larger for a one-notch decline from AA to A than the increase in implied default probability for the same one-notch decline from AAA to AA. |