You work in the Credit Desk of a major Investment Bank. Which of the following firms would you say has the LOWEST credit rating, given the spread charged on their CREDIT DEFAULT SWAPS?

a. General Mills, where PROTECTION on 5-year CDS is being offered at LIBOR + 0.75%.

b. Kelloggs, where PROTECTION on 5-year CDS is being offered at LIBOR + 125bps.

c. Post Cereal, where PROTECTION on 5-year CDS is being offered at LIBOR + 1.75%.

d. Nabisco, where PROTECTION on 5-year CDS is being offered at LIBOR + 35bps.