题目
A commercial mortgage-backed security (CMBS) does not meet the debt-to-service coverage at the loan level necessary to achieve a desired credit rating. Which of the following features would most likely improve the credit rating of the CMBS?
选项
A.Subordination
B.Call protection
C.Balloon payments
答案
A
解析
： A is correct. If specific ratios of debt to service coverage are needed, and those ratios cannot be met at the loan level, subordination is used to achieve the desired credit rating. Call protection protects investors against prepayment risk. Balloon payments increase the risk of the underlying loans. ： A是正确的。如果需要债务覆盖率的具体比率，而这些比率无法在贷款级别得到满足，则使用从属关系来实现所需的信用评级。赎回保护保护投资者免受提前还款风险。大额支付增加了基础贷款的风险。