问题如下：
When determining the capacity of a borrower to service debt, a credit analyst should begin with an examination of:
选项：
A. industry structure.
B. industry fundamentals.
C. company fundamentals.
解释：
A is correct.
Credit analysis starts with industry structurefor example, by looking at the major forces of competition, followed by an analysis of industry fundamentalsand then turns to examination of the specific issuer.
老师您好，没看懂这道题
