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Elaborate on default risk of a firm. That is, a) talk about the definition the ratings and the factors which go into the ratings. b)

Elaborate on default risk of a firm.

That is, a) talk about the definition the ratings and the factors which go into the ratings.

b) How do ratings and yields to maturity relate?

c) How does time and bankruptcy risk relate?

d)How is default risk different from systematic risk?

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