Single 一name CDS错在哪里？没看懂解析

问题如下：

In her response to Petsas regarding types of CDS, Vasquez is least likely correct with regard to:

选项：

A.index CDSs.

B.tranche CDSs.

C.single-name CDSs.

解释：

1. A is incorrect. Vasquez correctly describes an index CDS.

2. B is incorrect. Vasquez correctly describes a tranche CDS.

3. C is correct. Vasquez is incorrect about single-name CDSs. A single-name CDS is typically on a senior unsecured obligation (reference obligation) of a specific borrower (reference entity). However, only debt obligations of the borrower that are ranked equivalently, in terms of priority of claims, are covered by the CDS. Vasquez incorrectly states that a single-name CDS is on any reference obligation, regardless of the priority of claims. Vasquez correctly describes index CDSs and tranche CDSs.