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PRMIA Credit and Counterparty Manager (CCRM) Certificate Sample Questions:

1. Which of the following credit risk models includes a consideration of macro economic variables such as unemployment, balance of payments etc to assess credit risk?

A) CreditPortfolio View
B) The actuarial approach
C) The CreditMetrics approach
D) KMV's EDF based approach

2. Which of the following statements are true:
I. A transition matrix is the probability of a security migrating from one rating class to another during its lifetime.
II. Marginal default probabilities refer to probabilities of default in a particular period, given survival at the beginning of that period.
III. Marginal default probabilities will always be greater than the corresponding cumulative default probability.
IV. Loss given default is generally greater when recovery rates are low.

A) I and III
B) I, III and IV
C) II and IV
D) I and IV

3. An investor enters into a 5-year total return swap with Bank A, with the investor paying a fixed rate of 6% annually on a notional value of $100m to the bank and receiving the returns of the S&P500 index with an identical notional value. The swap is reset monthly, ie the payments are exchanged monthly. On Jan 1 of the fourth year, after settling the last month's payments, the bank enters bankruptcy. What is the legal claim that the hedge fund has against the bank in the bankruptcy court?

A) $100m
B) $0, as all payments on the swap are current
C) The replacement value of the swap
D) $6m

4. There are three bonds in a diversified bond portfolio, whose default probabilities are independent of each other and equal to 1%, 2% and 3% respectively over a 1 year time horizon. Calculate the probability that exactly 1 of the three bonds will default.

A) 2%
B) 5.8%
C) 0%
D) .011%

5. Which of the following are ordered correctly in the order of debt seniority in a bankruptcy situation?
I). Equity, Subordinate debt, Senior debt
II). Senior debt, Preferred stock, Equity
III). Secured debt, Accounts payable, Preferred stock
IV). Secured debt, DIP financing, Equity

A) I
B) II, III and IV
C) II and III
D) I and IV

Solutions: