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1.10 According to an article in the Wall Street Journal in 2020, bonds issued by the satellite operator Intelsat that matured in 2023 “fell to a record low of 43 cents on the dollar.” Why would an investor sell one of these bonds for 43 cents on the dollar rather than hold the bond for three years and receive 100 cents on the dollar when the bond matured? Which of the following ratings is this bond likely to have received: Aaa, Baa, or Caa? Briefly explain.
