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  Tip~Top Industries has a commitment with SuperSize Bank for $10 million. The terms of the loan are fixed and cannot be changedover its life. Tip-Top experiences an unexpected increase in
  its credit quality and the credit rating agencies subsequently raise
  its credit rating. Explain the most likely effect on expected loss and actual loss.
  答案解析:C
  A credit upgrade will decrease the likelihood of default (EDF)
  reducing expected loss. Note that expected loss is an estimate of average future loss. Actual loss is by definition equal to
  zero until a credit event occurs. (See Book 2, Topic 52)
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