Which one of the following correctly states a qualification an issuer must meet to be qualified to use Rule 415 for shelf registration?

The issuer must never have defaulted on its debt.

The issuer must have outstanding stock with a market value in excess of $250 million.

The issuer must never have violated the Securities Act of 1934.

The issuer must have an investment grade rating.

The issuer cannot have defaulted on its debt within the past five years.