NO.PZ2018123101000112
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.
这个题目读过来的感觉是：这家公司很好，但是credit curve向上倾斜了，问是什么原因？如果向上倾斜了不是因为公司信用变差了吗？
