R61 练习: 政府发行人信用分析
考纲范围
Explain special considerations when evaluating the credit of sovereign and non-sovereign government debt issuers and issues.
Q1.
An analyst is conducting credit analysis on the non-sovereign government bonds, including general obligation (GO) bonds and revenue bonds. Which of the following statements made by the analyst is correct?
A. GO bonds are supported by the monetary policy.
B. Revenue bonds have higher default risk than GO bonds.
C. Revenue bonds are supported by the local tax authority.
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答案：B
解析：Revenue bonds以特定项目收入为担保，风险高于以政府全部信用和税收收入为担保的GO bonds。GO bonds以地方政府的税收权力为支撑（不是货币政策）。Revenue bonds以项目收入为支撑（不是税收）。
选项 判断 解析 A ✗ GO bonds以地方政府税收为支撑，不是货币政策 B ✓ revenue bonds风险高于GO bonds，因为仅以项目收入为担保 C ✗ revenue bonds以项目收入支撑，GO bonds才由税收支撑
Q2.
When evaluating the creditworthiness of bonds issued by emerging or frontier market governments, both qualitative and quantitative factors should be properly considered. Which of the following statements is most likely inaccurate?
A. Debt burden to GDP is a quantitative factor, providing an insight into a government’s solvency.
B. External stability is usually analyzed with qualitative methods.
C. Monetary effectiveness is most probably assessed in a qualitative manner.
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答案：B
解析：外部稳定性(external stability)通常可以通过定量指标（如外汇储备、经常账户余额、外债比率等）进行分析，而非定性方法。债务负担/GDP确实是定量指标。货币政策有效性通常通过定性方式评估。
选项 判断 解析 A ✗ debt/GDP是定量指标，反映偿债能力，正确 B ✓ external stability通常用定量方法分析，不是定性方法，最不准确 C ✗ monetary effectiveness通常定性评估，正确