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PASS PRO - Copyright 2004 Inmarkets Ltd - Licensed to Raymond chen 1/85
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PASS PRO Questions
1.
Based on historical data from SP, the 1-year default probability for A-rated firms is CLOSEST
to:
A. 0.05%.
B. 0.5%.
C. 1%.
D. 5%.
2.
A portfolio manager owns $18 million worth of AA-rated bonds and $10 million worth of BB-
rated bonds. The one-year default probabilities of these bonds are 2 percent and 6 percent
respectively and are independent of each other.
The estimated recovery rates for these bonds are 65 percent and 35 percent respectively.
Based on these assumptions, the one-year expected credit loss from this portfolio is CLOSEST
to:
A. 0.42.
B. 0.44.
C. 0.52.
D. 0.96.
3.
Based on historical data from SP, the 1-year default probability for AA-rated firms is CLOSEST
to:
A. 0.01%.
B. 0.1%.
C. 1%.
D. 10%.
4.
Which of the following is TRUE in relation to the dividend test provision?
A. It prevents the firm from paying any dividends.
B. It prevents the firm from issuing new debt to pay dividends.
C. It prevents the firm from draining its capital via excessive dividends.
D. It upholds the right of shareholder to received their dividends in the event of a merger.
5.
/inmarkets/passpro/index.cfm?event=questions 2004-08-03
PASS PRO - Copyright 2004 Inmarkets Ltd - Licensed to Raymond chen 2/85
Baa-rated firms have been observed to have a probability of default of 0.25, 80 and 1.4 percent
during years 1, 2, and 3 from the present. The probability that a Baa-rated firm will default
within the next three years is CLOSEST to:
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