Real asset investment, which is assumed to be worthier than traditional assets in regards to exposure to income volatility, has become central to investment portfolios in financial institutions. However, the features of illiquidity and uniqueness involved in an individual real asset deal require private investors to review the full dimensions associated with the transaction structure. Banks and global credit rating agencies assess the quality of products by relying heavily on qualitative research executed by human insights and experiences. Such an approach ensures the comprehensiveness of the review process but it requires excessive resources in time and money. This study presents an internal rating system that instantly screens features of a deal proposal and provides a rating compatible with the global rating standard. The result shows that the outcomes created by this model are mostly clustered from BBB to BB. These findings match the average ratings for real assets, as determined by global rating agencies, which strengthens the practicality of the proposed model.

中文翻译：

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真实资产投资的内部信贷评级框架

就收入波动风险而言，被认为比传统资产有价值的实物资产投资已成为金融机构投资组合的核心。但是，单个不动产交易涉及的非流动性和唯一性特征要求私人投资者审查与交易结构相关的所有方面。银行和全球信用评级机构通过严重依赖于人类的见解和经验进行的定性研究来评估产品的质量。这种方法可确保审核过程的全面性，但需要大量的时间和金钱。这项研究提出了一个内部评级系统，该系统可立即筛选交易建议的功能并提供与全球评级标准兼容的评级。结果表明，此模型创建的结果主要是从BBB到BB。这些发现与全球评级机构确定的实际资产的平均评级相符，从而增强了该模型的实用性。