In case of credit assets backed securities, the paper explores the special risks of asset securitization-default risk, and the default risks with KMV model.

以信贷资产支持证券为例探讨资产证券化的特有风险—违约风险，并运用KMV模型测度个案违约风险，在此基础上提出一些控制违约风险的策略。

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In fact, for all the current excitement about rock-star bonds and the like, it is striking that the vast majority of asset-backed securities are American and involve a few types of assets, such as mortgage and credit-card loans, which generate relatively predictable amounts of cash at predictable times.

ECONOMIST: Bonds that rock and roll