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Next, compare the CCC spread for a short-term maturity (such as two years) versus a long-term maturity (such as 10 years). a. Is the spread larger for the short-term or the long-term maturity? b. Offer an explanation for this. c. Notice that the difference in spreads for a given rating level among maturities varies with rating level that you assess. Offer an explanation for this.

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