Which of the following statements is FALSE?

	a.	A bond graded Ba is not included in the investment grade category of bonds
	b.	A borrower with a vulnerable position within its industry needs to demonstrate a stronger balance sheet, compared to a borrower with a strong industry position, to earn the same credit rating
	c.	Historically, senior secured bonds tend to have higher recovery rates in default compared to senior subordinated bonds
	d.	A bond graded BB will tend to have a lower credit spread than one graded BBB, all else equal