"Fixed Income": Fundamentals of Credit Analysis
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Questions 1:
The Zera Company has borrowed capital by issuing a number of different securities. Which of the following most likely ranks the highest with respect to priority of payments?
A、 Subordinate loan
B、 Third lien debt
C、 Senior unsecured bond
Questions 2:
In assigning credit ratings, the practice of notching by the rating agencies is least likely used to quantify the:
A、 probability of default.
B、 priority of payment in the event of default.
C、 potential severity of loss in the event of default.
B is correct. Third lien debt is secured debt. It has a secured interest in the pledged assets and ranks higher than all other unsecured debts.
A is incorrect because a subordinate loan is an unsecured debt. Among the various creditor classes, these obligations have among the lowest priority of claims and frequently have little or no recovery in the event of default.
C is incorrect because senior unsecured bond is also an unsecured debt. It ranks highest among all the unsecured debts, but it ranks below secured debts.
A is correct. For the rating agencies, the main factor motivating the assignment of a rating is the probability of default. Notching is most likely to be used to address secondary factors such as the priority of payment in the event of default and the potential severity of loss in the event of default. These secondary factors are accounted for via notching the issue’s rating up or down relative to the issuer’s rating.
B is incorrect because this is a secondary factor that rating agencies can account for by notching the issue’s rating up or down relative to the issuer’s rating.
C is incorrect because this is a secondary factor that rating agencies can account for by notching the issue’s rating up or down relative to the issuer’s rating.
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