NO.PZ2016031002000078
问题如下:
Company A has an issuer credit rating of A but its latest issued bond B has obtained a credit rating of BBB+. Which of the following may cause the difference between two credit ratings?
选项:
A.Bond B has a lower seniority ranking.
B.Bond B includes an additional conventant which can protect bondholders.
C.Bond B is influenced by the restricted status.
解释:
A is correct.
Notching, a ratings adjustment, is required when the newly issued Bond B has a lower seniority ranking.
考点:Credit Rating
解析:公司A的主体评级是A,而刚刚发行的债券B的评级是BBB+,由于债项评级和主体评级之间有差距,这种现象就是notching,即同一个发行主体,发行的不同债券之间信用等级是不一样的。现在债券B的信用评级低于公司整体评级,所以A选项正确。
B选项:债券B包含一个额外的条款,这个条款可以保护债券持有人。既然条款更有利于债券持有人,那么债券B应该更为优质,其信用等级应该更高才对。
C选项:债券B受到严格的管制,这个选项完全和题目没有关联,属于硬凑的选项。
一个债券真是因为没有那么优质,才会受到更多的管制,也因此评级不高。这样理解有什么问题吗?