All of the following statements about credit rating are correct, EXCEPT:

Select one:

a.

Credit rating agencies consider political interventions in their rating process.

b.

Generally, corporations with higher credit ratings are able to borrow at lower costs in the debt markets.

c.

Moody's Investors Service is a credit rating agency.

d.

A bond issue made by a corporation of a developed country that has a BBB+ credit rating is regarded as having a lower level of credit risk as a similar bond issue made by a corporation of an underdeveloped country that also has a BBB+ credit rating.

e.

A credit rating can be on a specific issue or on a corporation.