As a risk analyst, you are asked to look at EB Corporation, which has issued both equity and bonds. The bonds can either be downgraded, be upgraded, or have no change in rating. The stock can either outperform the market or underperform the market. You are given the following probability matrix from an analyst who had worked on the company previously, but some of the values are missing. Fill in the missing values. What is the conditional probability that the bonds are downgraded given that the equity has underperformed?
Equity
Outperform
Underperform
Bonds
Upgrade
W
5%
15%
No Change
45%
X
65%
Downgrade
Y
15%
Z
60%
40%
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