> 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/credit-risk-pillar-2.md).

# 信用风险（第 2 支柱）

信用风险是 Steakhouse Financial 资产评级层中的第二支柱，以从 AA 到 C 的单一评级表示。

信用风险是对资产价值损失概率的一种酌情评估。

它基于发行方违约概率以及底层价值创造机制的风险状况。对于底层现实世界资产，它涉及评估损失的概率和幅度、波动性以及潜在的按市值计价回撤。

对于链上资产，信用风险根据资产波动性、储备缺口、发行政策、极端事件发生概率以及通过清算实现的不良债务来评估。

{% hint style="info" %}
指标：

* 资产类别的风险状况
* 构建超额抵押储备的能力，或是否存在诸如次级分层等优先损失保护
* 支撑加密资产估值因素的稳健性
  {% endhint %}

信用风险支柱以从 AA 到 C 的单一评级表示。

| 第二支柱     | 标准                |
| -------- | ----------------- |
| 信用风险     | 基础资产信用损失的可能性和严重程度 |
| **支柱评级** | **单一评级（AA 到 C）**  |


---

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