问一道题：NO.PZ201812310200000114 第14小题

NO.PZ201812310200000114 问题如下 ring the presentation about how the researteestimates the probability of fault for a particulbonissuer, Lok is askefor his thoughts on the shape of the term structure of cret sprea. Which statement is he most likely to inclu in his response? The term structure of cret sprea typically is flat or slightly upwarsloping for high quality investment-gra bon. High-yielbon are more sensitive to the cret cycle, however, anchave a more upwary slopeterm structure of cret sprea thinvestment-gra bon or even invertecurve. The term structure of cret sprea for corporate bon is always upwarsloping, the more so the weaker the cret quality because probabilities of fault are positively correlatewith the time to maturity. There is no consistent pattern to the term structure of cret sprea. The shape of the cret term structure pen entirely on instry factors. A is correct. B is incorrect because, although generally true for investment-gra bon, the statement neglects the fathhigh-yielissuers sometimes faa wnwarsloping cret term structure. Cret term structures are not always upwarsloping. C is incorrect because there is a consistent pattern to the term structure of cret sprea— typically it is upwary slopebecause greater time to maturity is associatewith higher projected probabilities of fault anlower recovery rates. B和C为啥不对呢