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　　A department store chain has a B 1 rating from Moody's and a B+ rating from S&p .Its balance sheet reflects a large number of receivables from shoppers who use the chain's private label credit card. The firm has decided to raise much needed funds for renovation by securitizing these receivables. Which ofthe following scenarios is the most likely outcome?
　　A. The bond issued in the securitization will be B I/B+ rated because the department store chain is rated BI/B+.
　　B. The asset-backed security (ABS) will have a senior tranche that is ratedinvestment grade and whose face value is lower than the value of the
　　receivables that were on the firm's balance sheet.
　　C. The asset-backed security (ABS) will be over collateralized with the receivables That had been on the firm's balance sheet and are now a liability of the special purpose entity(SPE).
　　D. The securitization will result in a bond with two tranches: one that is senior and receives a Baa/BB-rating and another that is junior and receives a BB/B
　　Answer:B
　　A. Icorrect. Because ABS bonds are rated with respect to the risk ofthe underlying assets (in this credit card receivables) not the risk ofthe originator ofthe assets.
　　B.Correct. A large fraction of ABSs are structured with senior and sub tranches.
　　The senior is usually AAA because it has the fuU backing of aU the assets in the pool that the SPE owns, while the sub tranche only gets paid back if the senior tranche is paid in full. To ensure that the default risk is lower, the senior tranche is smaUer than the pool of receivables backing the bond.
　　C. Incorrect. Because if over collateralization is used the coUateral is an asset ofthe SPE not a liability.
　　D. Incorrect. Because it is usully the case that at least one ofthe tranches is investment-grade.