A bond investor has a portfolio of AA$,$ A$,$ BBB and BB corporate bonds from the same sector. The

investor expects a declining yield spread between $$AA$$ and $$A$$ rating, while a widening yield

between $$AA$$ and $$BB$$ rating, though the yields for $$A$$ rated bonds remain constant. In

anticipation of such move, the investor will adjust the weighting of these bonds. Which would he

$$overweight$,$underweight$$ and $$neutral$$ based the expectation?