"Fixed Income Investments":the credit risk
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
A credit analyst observes the following information for Zeta Corp. and its industry.
| Zeta Corp. | Industry Median | |
| Return on capital （%） | 19.0% | 20.0% |
| Total debt/Total capital （%） | 42.0% | 15.5% |
| FFO/Total debt （%） | 45.3% | 40.0% |
| Total debt/EBITDA （x） | 3.5x | 1.2x |
| EBITDA interest coverage （x） | 4.0x | 7.5x |
Based on this information, it is most likely that the credit risk of Zeta Corp. is:
A. below its industry peers.
B. above its industry peers.
C. similar to its industry peers.
Questions 2:
Which of the following is least likely a component of yield spread?
A. Expected inflation rate
B. Taxation
C. Credit risk
While the company has a similar return on capital it has significantly higher leverage as well as lower EBITDA interest coverage ratio than its industry peers. It is likely that the company's credit risk will be above its industry peers.
Building blocks of the yield curve are spread (risk premium) and a benchmark (risk-free rate of return). Expected inflation rate and expected real rate are components of the risk-free rate of return (i.e., the benchmark).
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
