题目B选项的解释没看懂 能解释下吗

问题如下：

Which factors about investing in the bonds of international companies is Larent most likely correct about?

选项：

A.Credit rating

B.Bankruptcy laws

C.Credit cycles

解释：

C is correct. Determining the timing and location of credit cycle weakening is an important top-down relative value consideration for global credit portfolio managers. Regional differences exist in credit cycles, credit quality, sector composition, and market factors.

A is incorrect. The ratings of emerging market debt issuers are typically concentrated in the low-investment-grade/high-non-investment-grade range, which reflect the sovereign ratings of the countries in which they are domiciled. Rating agencies typically apply a “sovereign ceiling” to corporate debt issuers, implying that any debt issuer is normally rated no higher than the sovereign rating of its domicile.

B is incorrect. Global differences in regulations and laws, such as bankruptcy laws, are a source of risk for investors in international bonds. Non-domestic investors of a particular company’s bond issuances face contractual rights that are less certain than those for domestic investors in the event of debt restructurings.