【每日一练】CFA 一级（2015年）

Question：

Credit spreads are most likely to narrow during: 
A. economic contractions. 
B. economic expansions. 
C. a period of flight to quality. 
 

Answer = B 
Credit spreads narrow during economic expansions and widen during economic contractions. During  an economic expansion, corporate revenues and cash flows rise, making it easier for corporations to  service their debt, and investors purchase corporates instead of Treasuries, thus causing spreads to  narrow. 

CFA Level I 
"Fundamentals of Credit Analysis," Christopher L. Gootkind 
Section 6 

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