Criteria /criteria/modifiers-and-relative content
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评级调整因子及偿付顺序的通用考量因素

本方法论阐述了标普信用评级(中国)有限公司通常会如何分析评级调整因子可能对主体信用评级或债项评级产生的影响。本方法论还说明了我们会如何分析不同证券的偿付顺序,并评估其对评级可能产生的影响。因此在进行证券评级时,只要我们认为评级调整因子和证券偿付顺序会对评级造成影响,本方法论皆可适用。


本方法论列举了我们常用的评级调整因子,并且这些因子通常为外部因素。这些外部因素有可能会加强或削弱发行主体或债项的信用状况,从而影响最终评级。因此在决定最终的评级时,我们可能会基于这些外部因素对评级做出调整。


本方法论概述了我们分析外部因素时通常会采取的方法,包括我们会如何分析来自集团和政府的影响、交易对手风险及担保等外部因素,并且评估这些因素对信用观点或信用评级会产生的影响。


本方法论还概述了我们分析证券偿付顺序时通常会采取的方法,包括我们会如何分析证券的偿付顺序,并且评估偿付顺位对信用评级可能产生的影响。我们通常在评估以下债项或因素时会考虑偿付顺序:优先有抵押债券、潜在的回收率、次级债务、分级的资产证券化产品、混合证券、高级优先债务及优先无抵押债券等。

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