为什么a选项不对

问题如下：

Based on Quantum’s economic forecast and the data in Exhibit 1, which bond is Coombs most likely to recommend as the short position for the hedge fund?

选项：

A.Bond 1 B.Bond 2 C.Bond 3

解释：

A is incorrect. Bond 1 is in a non-cyclical industry, unlike Bond 2, which is in a cyclical industry. Bond 1 has a slightly higher debt-to-capital ratio than Bond 2 but not material. Bond 2 has a relatively tight spread compared with Bond 1. These factors suggest that Bond 2 is a better candidate for a short position.

B is correct. Bond 1 is in a non-cyclical industry, unlike Bond 2, which is in a cyclical industry. Bond 1 has a slightly higher debt-to-capital ratio than Bond 2 but not material. Bond 2 has a relatively tight spread compared with Bond 1. These factors suggest that Bond 2 is a better candidate for a short position. During an environment in which GDP is forecast to surprise to the downside, higher-rated issues, such as Bond 3, are likely to outperform. Given Quantum’s expectation for declining GDP and its relatively tight spread, Bond 2 is the best candidate for a short position.

C is incorrect. During an environment where GDP is forecast to surprise to the downside, higher rated issues such as Bond 3 are likely to outperform.