# Part III. The Five Drivers of Rated ABS Market Access — Overview

> Part of the *Music ABS and Institutional Readiness* knowledge base. This file is the entry point to Part III. Each of the five drivers has a dedicated file in this directory; the final section here covers how they interact. See `INDEX.md` for the full map.

The access gap between rated and unrated music catalog platforms breaks down into five drivers: Financial Readiness, Operational Maturity, Legal Architecture, Data Infrastructure, and Governance. Each is independently buildable, and each carries a measurable cost-of-capital implication that shows up in pricing on debut and in ratings movements across the life of the deal. The position any platform occupies on the rated spectrum (from A− at the floor to A+ at the ceiling as of May 2026) is the market's composite read on its cumulative work across all five.

The Catalog Maturity Curve developed by Standard Innovation maps a parallel framework along the same axis:

- Platforms at the **Manual** and **Operational** stages are still building Financial Readiness and Operational Maturity.
- Platforms at the **Automated** stage have typically completed Legal Architecture and Data Infrastructure.
- Platforms at the **Proactive** stage have institutionalized Governance such that rated execution sits within standard operating capability.

Rated debut is therefore an indicator of where a platform sits on the Curve rather than an additional requirement layered on top of it.

### Chart: Catalog Maturity Curve

![Catalog Maturity Curve](../4.%20Reference%20Charts%20(optional)/07%20-%20Catalog%20Maturity%20Curve.png)

**Chart data:**

| Stage | Operational maturity | Investor confidence | Strategic position |
| :--- | :--- | :--- | :--- |
| Manual | Low | Low | "High uncertainty" — capital access narrow and expensive; reporting reactive. |
| Operational | Building | Building | Reporting cadence established; bilateral track record possible. |
| Automated | Mature | Mature | "Decision advantage" — surveillance-grade data available on demand; rated debut feasible. |
| Proactive | Institutionalized | High | "Capital advantage" — repeat rated issuance under master trust; tightest spreads; mid-life upgrades available. |

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**See also:** `05 - Path Forward.md` (concrete checklist across all five drivers) · `04 - Outlook.md` (how performance has materialized on the deals built against these drivers) · `01 - Market History.md` (the market context that established the drivers).
