When bond rating companies rate a bond, which are qualities they evaluate?

I. Profitability of the bond issuer

II. Management team of the bond issuer

III. Default likelihood of the bond issuer

IV. Protection offered to bond investors in the event of default

V. Predicted return/yield of the bond

a. III and IV

b. I and V

c. I and IV

d. I, III and V

e. II and III