Consider the following one-year Ratings Transition (sample) matrix Initial Rating at Year-End Rating A Aaa 90.65 8.67 0.65 0.95 89.44 8.95 A 0.06 2.56 90.73 Baa 0.04 0.18 4.20 Baa 0.00 0.54 5.86 90.27 a) Interpret the numbers for a company that starts with a rating of Aa [10 marks) b) Assume that the rating changes in successive time periods are independent calculate the transition (sample) matrix for two years [25 marks]