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sarasara · 2020年08月30日

问一道题:NO.PZ2018062006000143 [ CFA I ]

问题如下:

Company A is an iron and steel company, company B is in the leading position of coal industry, and company C serves as a salt producer. Both A and B are cyclical, but C is non-cyclical. Among them, the debt level of A is the highest. When assessing the creditworthiness of the three companies, which of them is likely to have the highest credit risk ?

选项:

A.

company A.

B.

company B.

C.

company C.

解释:

A is correct.

The iron and steel company is in cyclical industry, indicating that it has more volatile earnings. Besides, the highest debt level obviously increases its credit risk.

这道题可以解释下吗?

1 个答案

吴昊_品职助教 · 2020年08月30日

同学你好:

这道题要我们分辨三个公司哪一个的信用风险最高。首先排除C,因为A和B是周期性的, 而C是非周期性的。周期性公司的收入、现金流都更具有波动性,相比非周期性公司,信用风险相对更高。此外,A公司debt level 最高,所以A和B相比,A公司的信用风险更高。下图是基础班讲义P350.

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