单选题

A BBB rated corporation wishes to issue debt to finance its operations at the lowest cost possible. If it decides to sell a pool of receivables into a special purpose vehicle (SPV), its primary motivation is most likely to:

A、 receive a guaranty from the SPV to improve the corporation's credit rating.
B、 allow the corporation to retain a first lien on the assets of the SPV.
C、 segregate the assets into a bankruptcy-remote entity for bondholders.

【正确答案】 C

【答案解析】

A key motivation for a corporation to establish a SPV is to separate it as a legal entity. In the case of bankruptcy for the corporation, the SPV is unaffected because it is not a subsidiary of the corporation. Given this arrangement, the SPV can achieve a rating as high as AAA and borrow at lower rates than the corporation.