An asset backed security (ABS) is a class of asset issued by a single-purpose vehicle (SPV) that involves securitization with a large number of assets of one type pooled in a portfolio. Generally, securitization is a form of structured finance; the key is that the cash flow generated by the asset pool can be employed to support one or more securities that may be of higher credit quality than the company’s secured debt. The higher credit quality of these securities is achieved by relying on the cash flow created by the pool of assets rather than on the payment promise of the borrowing firm, such cash flows having been isolated in a bankruptcy remote structure and “credit enhanced” using several credit enhancements.