What does a current ratio of $1\mathrm{.}2$ mean?

The firm has $$1\mathrm{.}20$ in current assets for every $$1$ in current liabilities.

The firm has $$1\mathrm{.}20$ in current assets for every $$1$ in fixed assets.

The firm has $$1\mathrm{.}20$ in current liabilities for every $$1$ in current assets.

The firm has $$1\mathrm{.}20$ in current liabilities for every $$1$ in long$-$term debt.