NO.PZ201701230200000602
问题如下：
2. According to Watt’s statement, the shape of UNAB’s credit curve is most likely:
选项：
A.flat.
B.upward-sloping.
C.downward-sloping.
解释：
C is correct.
A downward-sloping credit curve implies a greater probability of default in the earlier years than in the later years. Downward-sloping curves are less common and often are the result of severe near-term stress in the financial markets.
A is incorrect because a flat credit curve implies a constant hazard rate (relevant probability of default). B is incorrect because an upward-sloping credit curve implies a greater probability of default in later years.
最后一句话是表示什么意思？
