Which of the following statements regarding bond credit ratings is incorrect?

a.Investors who wish to hold the bond to maturity do not consider bond's credit ratings since they do not care about price changes but are only interested in the coupon interest from the bonds till maturity.

b.Credit ratings are a way to let investors know what the rating agency believes is the probability that the firm may not meet it debt obligations.

c.Emerging market's sovereign (government) bonds may have a below investment grade credit rating.

d.Fitch, Moody's and S&P are the major providers of bond ratings.

e.Some firms have AAA bond ratings which implies that these bonds have almost a 0% chance of default.