generally speaking the standard preferred stock, which promises to pay a fixed annual dividend must be riskier that the companies outstanding debt this is because on a single missed dividend payment the company

a - suffers no immediate consequences

b - must make good on the missed dividend payment in the future

c- is worse off than just missing a coupon payment on its bonds

d - is in similar position as a missing coupon payment on any of it bonds

e- is in immediate peril of class action lawsuits from the preferred stockholders