NO.PZ2018123101000107
问题如下：
Cromwell works with another analyst, George Hastings, to discuss credit scoring and credit rating models. Hastings starts the conversation by saying, “Credit scoring models are primarily applied to consumers or small business borrowers. In some cases, only negative information, such as delinquencies or defaults, are used, while other models use a mix of factors, such as payment history and recent credit searches.” The focus of credit scores is the probability of default. Hastings continues, “Credit ratings, on the other hand, are used in the corporate and sovereign bond market and also for asset-backed securities. Ratings are focused on probability of default. Credit rating agencies, such as Standard & Poor’s, consider the loss given default by means of notching, which adjusts the issuer rating to reflect the priority of claims in the capital structure."
Are Hastings’s comments regarding credit scores and credit ratings most likely correct?
选项：
A.Yes
B.No, he is incorrect with regard to credit scores.
C.No, he is incorrect with regard to credit ratings.
解释：
Hastings’s comments regarding both credit scores and
credit ratings are correct.
第一个问题： consider the loss given default by means of notching,这句话啥意思呢？
第二个问题：which adjusts the issuer rating to reflect the priority of claims in the capital structure，这句话，调整发行人评级为什么可以反应资本市场的求偿顺序呢？ 求偿顺序不是根据产品属性来的么，比如先是兑付优先债、然后兑付次级债，这个和评级没关系吧。不理解。
