The one-year default rate on speculative grade bonds published by Moodys for the year 2002 was 8.33%.

Answer the following questions about this default rate. a Is this one year default rate for speculative grade bonds above average, about average, or below average compared to previous default rates published by Moodys? _________________

b. Are most of the defaults reported in 2002 fallen angels? ___________

c. How does this default rate compare to the speculative grade default rate in the 1980-1981 recession? ___________________________________

d. Did all of the firms that defaulted file for bankruptcy? _______________