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问题如下：

Mojofon’s S&P issuer credit rating is B+. Its S&P subordinated bond issue rating is most likely:

选项：

A.

BB –.

B.

B+.

C.

B –.

解释：

The correct answer is C.

An issuer credit rating is the rating applied to a company’s senior unsecured debt. The rating agency will usually apply a notching adjustment to the lower-ranked subordinated debt, whose rating should therefore be lower than that of the senior unsecured debt.