We have obtained high resolution X-ray spectra of the coronally active binary , II Pegasi ( HD 224085 ) , covering the wavelength range of 1.5-25Å .
For the first half of our 44 ksec observation , the source was in a quiescent state with constant X-ray flux , after which it flared , reaching twice the quiescent flux in 12 ksec , then decreasing .
We analyze the emission-line spectrum and continuum during quiescent and flaring states .
The differential emission measure derived from lines fluxes shows a hot corona with a continuous distribution in temperature .
During the non-flare state , the distribution peaks near \log T = 7.2 , and when flaring , near 7.6 .
High-temperature lines are enhanced slightly during the flare , but most of the change occurs in the continuum .
Coronal abundance anomalies are apparent , with iron very deficient relative to oxygen and significantly weaker than expected from photospheric measurements , while neon is enhanced relative to oxygen .
We find no evidence of appreciable resonant scattering optical depth in line ratios of iron and oxygen .
The flare light curve is consistent with Solar two-ribbon flare models , but with a very long reconnection time-constant of about 65 ks .
We infer loop lengths of about 0.05 stellar radii , to about 0.25 in the flare , if the flare emission originated from a single , low-density loop .