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| Which of the following statements regarding the role of debt ratings is least accurate? A. Historically, the difference in yield between an AAA-rated bond and a BBB-rated bond has averaged 100 basis points. B. The lower the debt rating, the higher the level of default risk for both shareholders and bondholders alike. C. Any rating Ba (from Moody’s) or BB (from S&P) or higher is considered to be “investment grade”. |