An analyst is reviewing possible scenarios that potentially would have a negative impact on a credit rating agency's independence and objectivity related to their rating of asset-backed securities (ABS). Which scenario might prompt the analyst to bypass a specific issue because of its rating?

The sponsoring firm paid all major rating agencies a flat fee to rate their new issue.

One rating agency included scenarios that wetn beyond the historical norms for expected defaults of the assets to determine the risks of the security and its rating.

The only rating agency following a specific security also advised in structuring the product, which fact was not disclosed by the firm.