Consider a bond that is trading at a discount and has an embedded put option with an exercise price equal to the par value. Which of the following events would increase the likelihood that the put option embedded in the bond will be exercised?

Check all that apply:

Standard and Poor's increases the credit rating of the issuer $($for instance, from A$-$ to A$)$

Interest rates increase

Interest rates decrease

Standard and Poor's decreases the credit rating of the issuer $($for instance, from A$-$ BBB$+)$