题目
The rating agency process whereby the credit ratings on issues are moved up or down from the issuer rating best describes:
选项
A.notching.
B.pari passu ranking.
C.cross-default provisions.
答案
A
解析
： A is correct. Recognizing different payment priorities, and thus the potential for higher (or lower) loss severity in the event of default, the rating agencies have adopted a notching process whereby their credit ratings on issues can be moved up or down from the issuer rating (senior unsecured). ： 这道题目问的是评级机构将发行的债券信用评级从发行人评级上调或下调的过程最能说明： A是正确的。评级机构识别到不同的支付优先权，因此在违约情况下可能会出现更高（或更低）的损失严重性，因此采用了notching，根据该过程，它们对发行的信用评级可以从发行人评级（高级无担保）上调或下调。