问题如下：
Kreming suggests using a model to predict the rating change of Bond IV using leverage ratios, return on assets, and macroeconomic variables. Kreming’s suggested model for Bond IV is a:
选项：
A. structural model.
B. reduced-form model.
C. term structure model.
解释：
B is correct. A reduced-form model in credit risk analysis uses historical variables, such as financial ratios and macroeconomic variables, to estimate the default intensity. A structural model for credit risk analysis, in contrast, uses option pricing and relies on a traded market for the issuer’s equity.
有predict rating change的term structure model吗？c选项是编的还是确实有这个模型？
