[Mock Exam Merinar Case Level 2 Derivatives] About the CDS curve flattening trad

各位老师，我在做Mock中的习题时，遇到一个问题令我疑惑不解，求赐教。

在Morning Session Version B中的Merinar Case中

答案是当近期风险高，远期风险低时，要买入近期CDS，同时卖出远期CDS即curve flattening trade。但是在原版教材中的描述与之相反：当远期风险高，近期风险低时要买入近期CDS，同时卖出远期CDS。Mock的答案与书中的描述似乎相反，请问该如何理解？

后面附上相关资料：

Since Geng expects credit ratings forOnex Corporation bonds to weaken over the near term up to two years, and thenstrengthen over the longer term (five years), the appropriate strategy is tobuy two-year CDS and sell five-year CDS. Thetwo-year CDS would provide a hedge against short-term volatility, and the saleof the five-year CDS would partially fund the purchase of two-year CDS. Thistrade is a curve flattening trade.

CFA Level 2

“Credit Default Swaps,” Brian Rose and Don M. Chance

Section 4.1

书中原文(Institute Page 364)

"Another type of long/short trade,called a curve trade, involves buying a CDS of one maturity and selling a CDSon the same reference entity with a different maturity. Consider two CDSmaturities, which we will call the short term and the long term to keep thingssimple. We will assume the more common situation of an upward-sloping creditcurve, meaning that long-term CDS rates are higher than short-term rates. Ifthe curve changes shape, it becomes either steeper or flatter. A steeper(flatter) curve means that long-term credit risk increases (decreases) relativeto short-term credit risk. An investor who believes that long-term creditrisk will increase relative to short-term credit risk (credit curve steepening)can go short a long-term CDS and long a short-term CDS. In the short run, acurve-steepening trade is bullish. It implies that the short-term outlook forthe reference entity is better than the long-term out- look. In the short run,a curve-flattening trade is bearish. It implies that the short-run outlook forthe reference entity looks worse than the long-run outlook and reflects theexpectation of near-term problems for the reference entity."

(Institute Page 364) Institute, CFA. CFAInstitute Level II 2014 Volume 6 Derivatives and Portfolio Management. JohnWiley & Sons P&T, 2013-07-12. VitalBook file.