426                                                    15

 :       .     
   ,          -
    ,       5.
     ,      (market discount
bonds)    -  .    -
      ,    -
         -
, ..         -
       .

15.2.4   

 (marketability; luquidity)       
     .   -
   -,   ,  . ,
  -,       -
  ,        .    
        ,  -
     . , ,    
 $1 000 000    IBM,      , , 
    ,      IBM. 
,  ,         
.

         , -
           -
,  .  ,    
  ,   ,   ,  
 .   - ,     , 
    .     , -
  ,    ,      -
     .  ,  -
   ,       
    ,      
.

15.2.5    

  ,       Standard
& Poor's  Moody's Investors Service, Inc.,   
    .    (bond ratings)
      .  . 15.3
  ,  Standard & Poor's,   . 15.4 -
   Moody's6.

       : -
   (investment grade bonds)    
(speculative grade bonds).       ,
        (     Standard
& Poor's   Aaa  Baa  Moody's). ,     -
,          (   
Standard & Poor's     Moody's).      
  (junk bonds),  7.  ,  
      ,   -
   (fallen angels).