> For the complete documentation index, see [llms.txt](https://steakhouse.financial/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1.md).

# Asset Rating (Layer 1)

This is Layer 1 of Steakhouse Financial's Multi-Layer Risk Rating. The Asset Rating evaluates the risks inherent to a token itself across three dimensions: issuer risk, credit risk, and operational risk. The layer's rating is the worst of its three pillars.

The Asset Rating reflects the risks considered when analyzing a token, as if the investor were a holder benefiting from its economic value generation.

The Asset Layer is assessed across three dimensions: issuer risk, which defines how the token is structured; credit risk, which measures the probability of loss; and operational risk, which evaluates the likelihood of technical failures.

| Asset Layer          | Pillars                                                                                                                            |
| -------------------- | ---------------------------------------------------------------------------------------------------------------------------------- |
| Asset Rating Pillars | [Issuer Risk](/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1.md)                |
|                      | [Credit Risk](/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/credit-risk-pillar-2.md)           |
|                      | [Operational Risk](/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3.md) |
| **Asset Rating**     | **Worst Rating of the Criteria**                                                                                                   |


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