高级证券

在一个典型的CDO里，高级证券可以获得比相关债务高得多的评级&有时是AAA级，与美国政府证券评级相同。

In a typical CDO , senior securities can achieve credit ratings much higher than those of the underlying debt - sometimes triple-A , the same rating as US government securities .

美国国际集团最初是在近10年前开始投资这种超高级证券的。在这种理念发明后不久，美国国际集团就开始从摩根大通（JPMorgan）等集团获取此类风险。

AIG first started becoming exposed to these super-senior securities almost a decade ago when it began to acquire this type of risk from groups such as JPMorgan , soon after the concept was first invented .

cdo证券的设计意图是，如果任何相关债务出现违约，某些证券首先蒙受损失，而另一些“高级”证券，只在风险更大的部分出问题之后才蒙受损失。

CDO securities are de-signed so that some take the first loss if any of the underlying debt defaults , while other " senior " securities only suffer losses after the riskier tranches are wiped out .