题目
The factor considered by rating agencies when a corporation has debt at both its parent holding company and operating subsidiaries is best referred to as:
选项
A.credit migration risk.
B.corporate family rating.
C.structural subordination.
答案
C
解析
： C is correct. Structural subordination can arise when a corporation with a holding company structure has debt at both its parent holding company and operating subsidiaries. Debt at the operating subsidiaries is serviced by the cash flow and assets of the subsidiaries before funds are passed to the parent holding company. ： 这道题目问的是当一家公司在其母公司和运营子公司都有债务时，评级机构考虑的因素最好称为： C是正确的。当拥有控股公司结构的公司在其母公司控股公司和运营子公司都有债务时，就会产生结构从属关系。经营子公司的债务在资金转移给母公司之前由子公司的现金流和资产偿还。