【CFA特許金融分析師二級試題】QUESTION 1 HAS TWO PARTS (A， B) FOR A TOTAL OF 6 MINUTES.

Vacations Unlimited Inc. (VU)， a U.S.-based tourism company， has a majority stake in Yucatan Resorts， a Mexican firm that owns and operates luxury resorts along Mexico‘s Caribbean coast.Because most of its client base consists of U.S. tourists， Yucatan Resorts’ revenues are denominated in U.S. dollars. Yucatan Resorts converts all U.S. dollar receipts into Mexican pesos through the foreign exchange market. Yucatan Resorts‘ operating costs are all denominated in pesos and assumed to increase in line with the Mexican inflation rate， and the firm’s assets and liabilities are all denominated in pesos. Yucatan Resorts‘ shares trade on the Mexican stock exchange and are also denominated in pesos.George Davies， VU’s Chief Financial Officer， is considering increasing VU‘s investment in Yucatan Resorts. He is aware， however， that the Mexican inflation rate has been higher than the inflation rate in the U.S. and that the Mexican peso has been depreciating against the U.S. dollar.Davies is concerned that a continuation of these trends might reduce Yucatan Resorts’ profitability. He asks Iris Hamson， a financial analyst at VU， to investigate the relationship between Yucatan Resorts‘ share price， nominal exchange rates between the peso and the dollar，and inflation rates in Mexico and the U.S. Hamson states：“Based on Yucatan Resorts’ sources of revenues and costs， and given that purchasing power parity is unlikely to hold， I conclude that Yucatan Resorts‘ local currency exposure will be characterized by a negative correlation between Yucatan’s share price (measured in pesos) and the value of the peso.”

A. Define local currency exposure.

(3 minutes)

B. State whether Hamson‘s conclusion about Yucatan Resorts’ local currency exposure iscorrect or incorrect. Justify your response with one reason.

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【CFA特許金融分析師二級試題】QUESTION 2 HAS TWO PARTS (A， B) FOR A TOTAL OF 9 MINUTES.

Iris Hamson is evaluating international fixed income investments for Vacations Unlimited Inc.She notes that Standard & Poor‘s (S&P) assigns separate and distinct credit ratings to each national government’s local currency debt and foreign currency debt.

A. State whether a national government‘s local currency debt credit rating or foreign currency debt credit rating is generally lower. Justify your response with one reason why the default risk is higher on the type of debt that is generally lower-rated.

(3 minutes)

S&P uses several risk factor categories in determining sovereign credit ratings. Hamson contends that three S&P risk factor categories are most important： 1) income and economic structure， 2) fiscal flexibility， and 3) price stability. Based on her country research， she has compiled the following list of characteristics of Mexico：

1. National， regional， and local governments that generally possess competitive tax structures and the ability to control spending2. A strong banking sector that reflects conservative lending practices and generally high asset quality3. A history of prudent monetary and exchange-rate policies pursued by an independent central bank4. An external balance sheet that is conservatively structured and an excellent track record of timely debt service payments5. A recent Presidential election that was marked by wide voter participation in response to a popular platform of economic reforms6. Favorable trends in foreign direct investment and export growth that appears to be sufficient to lessen any potential balance-of-payments pressures in the future7. A market economy that exhibits average wealth levels overall but a concentration of wealth that results in a large difference between the rich and the poorB. Select from Hamson’s list the characteristic of Mexico that most directly relates to each of the three S&P risk factor categories.

Note： Your selections should NOT include any characteristic more than once； only the characteristic reference numbers (1 through 7) are needed for your selections

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