class

问题如下：

Compare the credit rating of the Class A bonds issued by the SPE and the uncollateralized bonds issued directly by AR&C. The Class A bonds are most likely rated:

选项：

lower than AR&C bonds.

the same as AR&C bonds.

higher than AR&C bonds.

解释：

The correct answer is C. The Class A bonds issued by the SPE are backed by collateral, the leases sold by AR&C to the SPE, and they are the most senior of the bonds issued by the SPE. A secured bond is secured by collateral and is considered less risky than a bond without collateral backing. The Class A bonds issued by the SPE would most likely be rated higher than any unsecured corporate bonds issued directly by AR&C.