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9. 1 points) a. (3 points) Companies pay rating agencies such as Moody's and S&P...

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9. 1 points) a. (3 points) Companies pay rating agencies such as Moody's and S&P to rate their bonds, and the costs can be substantial. However, companies are not required to have their bonds rated; doing so is strictly voluntary. Why do you think they do it? b. (2 points) Often, junk bonds are not rated. Why? c. (3 points) What is the difference between the term structure of interest rates and the yield curve? d. (2 points) What are the implications for bond investors of the lack of transparency in the bond market

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