c. A ratings agency has 4 credit ratings with A being the best down to D which means that the entity has defaulted. They publish the 1 year transition matrix Rating at Year End Initial A B C D A 0.85 0.1 0.05 0.00 B 0.05 0.8 0.1 0.05 C 0.0 0.05 0.8 0.15 D 0 0 0 1 Calculate the 3 year transition matrix. [6 marks]