小可爱和大灰狼 · 2020年11月26日
问题如下：
Which of the following statements regarding commercial mortgage-backed security (CMBS) is correct?
选项：
A.
Call protection will improve the credit rating of CMBS.
B.
Some CMBS are recourse loan.
C.
Balloon payment in CMBS is credit positive for investor.
解释：
A is correct.
CMBS are no recourse loans. Balloon payment increased extension risk for investor, which is credit negative.
credit positive是什么意思？No.PZ2017012501000012 (选择题) 来源: 原版书 A commercimortgage-backesecurity (CMBS) es not meet the bt-to-servicoverage the lolevel necessary to achieve a sirecret rating. Whiof the following features woulmost likely improve the cret rating of the CMBS? 正确答案是: A A 正确Subornation B Call protection C Balloon payments 这道。选择的就是A。而不是同样是improve the cret rating of the CMBS,为什么一个是选择Subornation，一个是选择Call protection ？
有道类似的题问哪个可以增加信用评级的，选的是 subornate，因为是内部信用增级的方式，那个题里也有 call protection，结果没有选，我就以为call protection没有improve the cret rating 的功能，结果到这个题目里，反而有improve the cret rating 的能力了？
没有明白，call option的话不是有利于发行人，不利于投资人么？为什么会增加信用评级啊
在CMBS中的Call Protection 并不是一种option，而是一种trench是吗？
