If we assume a constant benchmark rate of 2.5%, a constant recovery rate of 40%, a 1.00% default probability in years 1, 2 and 3, 1.25% in year 4 and 5, and 1.5% in years 6 through 10, we should see a ______ credit spread curve.

Explanation: Obviously investors will seek greater compensation for assuming issuer default over longer period.