> 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/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1.md).

# 资产评级（第 1 层）

这是 Steakhouse Financial 多层风险评级的第 1 层。资产评级评估代币本身固有的风险，涵盖三个维度：发行方风险、信用风险和运营风险。该层级的评级取其三个支柱中的最差者。

资产评级反映了在分析代币时所考虑的风险，仿佛投资者是一名持有者，受益于其经济价值创造。

资产层从三个维度进行评估：发行方风险，定义代币的结构方式；信用风险，衡量损失的概率；以及运营风险，评估技术故障的可能性。

| 资产层      | 支柱                                                                                                                        |
| -------- | ------------------------------------------------------------------------------------------------------------------------- |
| 资产评级支柱   | [发行方风险](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1.md)          |
|          | [信用风险](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1/credit-risk-pillar-2.md)      |
|          | [运营风险](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3.md) |
| **资产评级** | **各标准中的最差评级**                                                                                                             |


---

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