The ultimate credit risk of asset-backed securities lies with the special purpose vehicle that is the central payor.

Name: The ultimate credit risk of asset-backed securities lies with the special purpose vehicle that is the central payor.
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The ultimate credit risk of asset-backed securities lies with the investors, as they are the ones who bear the risk of the underlying assets' performance, not the special purpose vehicle (SPV) which is mainly a legal entity created to facilitate the transaction.

The Ultimate Credit Risk of Asset-Backed Securities Lies with the Special