The treasurer of a major multinational company needs to borrow $50 million to finance new production facilities. The treasurer is deciding between direct financing or a public offering. All of the following statements in regard to these two alternatives are correct except that OA. OB. The rating assigned by Standard & Poor's or Moody's is critical in pricing public debt. Public debt needs to be registered with the SEC, a time-consuming and costly process. OC. Public debt tends to have higher interest rates because of its lower liquidity O D. Private debt is issued to sophisticated investors such as insurance companies