Which of the following is true?

Select one:

a.

There is no difference between conditional and unconditional default probabilities because a company can only default once.

b.

Conditional default probabilities are sometimes lower and sometimes higher than unconditional default probabilities.

c.

Conditional default probabilities are at least as high as unconditional default probabilities

d.

Conditional default probabilities are at least as low as unconditional default probabilities