33.Which of the following statements about credit ratings is/are true? Statement I. Speculative Grade bonds (aka High Yield bonds) are those rated BB+ and below by Standard & Poor’s (S&P) or Fitch,...

33.Which of the following statements about credit ratings is/are true?


Statement I. Speculative Grade bonds (aka High Yield bonds) are those rated BB+ and below by Standard & Poor’s (S&P) or Fitch, and Ba1 and below by Moody’s.


Statement II. Investment grade securities typically carry a higher risk of default compared to speculative grade securities.


Statement III. Large companies with strong and stable cash flows are likely to be rated higher than small companies with more volatile cash flows.