  We have obtained high resolution X-ray spectra of the coronally active
binary, II Pegasi (HD 224085), covering the wavelength range of 1.5-25
Angstroms. 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.
