Mark which column the following characteristics will have on a credit spread for a corporate bond with an X:

#	*All other things constant:	Higher	Lower	Indeterminate
1	Debt increasing relative to profits.
2	Profitability is increasing.
3	Operates in a risky industry.
4	Has negative CFI.
5	Declining FCF.
6	Increasing share buybacks.
7	Initiates a special dividend.
8	Executive turnover.
9	Has a history of horizontal integration.
10	Issues debt to fund acquisitions.
11	Net income increase relative to RCF.
12	A new competitor with scale enters.
13	Steady low-volatility environment.
14	Lower demand for new issue supply.
15	Cash conversion cycle declines over time.
16	The firm issues subordinated debt.
17	The firm issues pari debt.
18	Expansionary phase in the credit cycle.
19	Increased government regulations in the industry.
20	CDS spreads on the company widen.
21	Market volatility increases.
22	Firm gets acquired by a better fundamental company.
23	The Fed purchases treasuries to supply market liquidity.
24	Inflation increases.
25	Time passes.