notching

问题如下：

Notching means a difference in credit rating between :

选项：

A.

an issue and an issuer.

B.

an investment grade and a non-investment grade.

C.

a company and its industry.

解释：

A is correct.

A borrower may have multiple debt issues that vary by credit rating.

Notching refers to the practice of adjusting an issue credit rating upward or downward from the issuer credit rating to reflect the seniority and the other provisions of a debt issue.

考点：notching

解析：评级包括两种，主体评级（issuer rating）和债项评级（issue rating）。两者之间会存在差异，这种现象就是notching。即同一个发行主体，发行的不同债券之间的信用等级是不一样的。notching process的对象是主体评级和债项评级，故选项A正确。