investment-grade 是什么意思啊

问题如下：

In contrast to high-yield credit analysis, investment-grade analysis is more likely to rely on:

选项：

A.

spread risk.

B.

an assessment of bank credit facilities.

C.

matching of liquidity sources to upcoming debt maturities.

解释：

A is correct.

Most investors in investment-grade debt focus on spread risk—that is, the effect of changes in spreads on prices and returns—while in high-yield analysis, the focus on default risk is relatively greater.

考点：债券信用分析

解析：由于Investment-grade相比垃圾债的违约概率较低，所以对于investment-grade更多的关注点在Spread risk；因为Spread risk作为债券收益率（分母折现率）的一部分，spread的变动会影响到折现率的大小从而影响到债券价格。故选项A正确。

B选择：bank credit facilities指企业能够否获得银行的贷款，属于垃圾债关注的点。

C选项：liquidity sources是垃圾债需要额外关注的点，因为investment-grade现金流相比其debt较充沛。