Consider the following table. And consider a Ba-rated Company. With X we indicate the standardized asset value of the company at the end of year 1.

Rating at the end of year 1 (%)

Internal Rating	Aaa	Aa	A	Baa	Ba	B	Caa	Ca-c	DFF
Aaa	90.42	8.92	0.62	0.01	0.03	0.00	0.00	0.00	0.00
Aa	1.02	90.12	8.38	0.38	0.05	0.02	0.01	0.00	0.02
A	0.06	2.82	90.88	3.52	0.51	0.11	0.03	0.01	0.06
Baa	0.05	0.19	4.79	89.41	4.35	0.82	0.18	0.02	0.19
Ba	0.01	0.06	0.41	6.22	83.43	7.97	0.59	0.09	1.22
B	0.01	0.04	0.14	0.38	5.32	82.19	6.45	0.74	4.73
Caa	0.00	0.02	0.02	0.16	0.53	9.41	68.43	4.67	16.76
Ca-C	0.00	0.00	0.00	0.00	0.39	2.85	10.66	43.54	42.46

The Company defaults if X is smaller than/equal to..............

The company moves to the Ca-C-class if X is larger than.............and smaller than/equal to .................