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1.  Based on the practice of notching by the ratingagencies, a subordinated bond from a company with an issuer rating of BB wouldlikely carry what rating?

B+

BB

BBB–

A is correct.

The subordinated bondwould have its rating notched lower than the company’s BB rating, probably bytwo notches, reflecting the higher weight given to loss severity forbelow-investment-grade credits.

2.  The process of moving credit ratings of differentissues up or down from the issuer rating in response to different paymentpriorities is best described as:

A.  notching.

B.   structural subordination.

C.    cross-default provisions.

A is correct.

Notching is the processfor moving ratings up or down relative to the issuer rating when ratingagencies consider secondary factors, such as priority of claims in the event ofa default and the potential loss severity.