问题如下：
Kowalski analyzes the outstanding bonds of DLL Corporation, a high-quality issuer with a strong, competitive position. Her focus is to determine the rationale for a positively sloped credit spread term structure. DLL’s credit spread term structure is most consistent with the firm having:
选项：
A.low leverage.
weak cash flow.
a low profit margin.
解释：
A is correct. Positively sloped credit spread curves may arise when a high-quality issuer with a strong competitive position in a stable industry has low leverage, strong cash flow, and a high profit margin. This type of issuer tends to exhibit very low short-term credit spreads that rise with increasing maturity given greater uncertainty due to the macroeconomic environment, potential adverse changes in the competitive landscape, technological change, or other factors that drive a higher implied probability of default over time. Empirical academic studies also tend to support the view that the credit spread term structure is upward sloping for investment-grade bond portfolios.
老师好啊， “对于high-quality issuer往往credit spread curve是向上倾斜的 或慢慢 变flat ” 是吗? 对于low-quality issuer往往credit spread curve是否也是向上倾斜的，然后就是curve 会更steep 一点？， 因为curve 越陡， 说明credit spread 会widen， 这样理解对吗？ 谢谢。
