B选项

问题如下：

Securitization benefits investors by:

选项：

A.

providingmore direct access to a wider range of assets.

B.

reducingthe inherent credit risk of pools of loans and receivables.

C.

eliminatingcash flow timing risks of an ABS, such as contraction and extension risks.

解释：

A is correct. Securitization allows investors to achieve more direct legal claims on loans and portfolios of receivables. As a result, investors can addto their portfolios exposure to the risk–return characteristics provided by awider range of assets.

B is incorrect because securitization does not reduce credit risk but, rather, provides a structure to mitigate and redistribute the inherent credit risks of pools of loans and receivables.

C is incorrect because securitization does not eliminate the timing risks associated with ABS cash flows but, rather, provides a structure to mitigate and redistribute those risks, such as contraction risk and extension risk.

考点：Securitization

解析：资产证券化可以让投资者获得更多直接的投资机会，以便找到最适合自己的利率风险和信用风险敞口。故A正确。