请问这里面的credit rating具体指什么？

问题如下：

A goal of securitization is to:

选项：

separate the seller’s collateral from its credit ratings.

uphold the absolute priority rule in bankruptcy reorganizations.

account for collateral’s primary influence on corporate bond credit spreads.

解释：

A is correct. The legal implication of a special purpose entity (SPE), a prerequisite for securitization, is that investors contemplating the purchase of bond classes backed by the assets of the SPE will evaluate the credit risk of those assets independently from the credit rating of the entity that sold the assets to the SPE. Tis separation of the seller’s collateral from its credit rating provides the opportunity for the SPE to access a lower aggregate funding cost than what the seller might otherwise obtain.

B is incorrect because the absolute priority rule, under which senior creditors are paid in full before subordinated creditors, has not always been upheld in bankruptcy reorganizations. There is no assurance that if a corporate bond has collateral, the rights of the bondholders will be respected. It is this uncertainty that creates the dominant influence of credit ratings over collateral in credit spreads.

C is incorrect because corporate bond credit spreads will reflect the seller’s credit rating primarily and the collateral slightly. Securitization separates the seller’s collateral from its credit rating, effectively altering the influence of collateral on the credit spread.