Which statements regarding bond ratings are true?
I. They include quantitative analysis of financial ratios.
II. They include the effects of sinking fund provisions and whether the bond is subordinated to other debt.
III. They include qualitative analysis of potential environmental problems and potential antitrust problems.
IV. They do not adjust immediately as the factors in the market or in the company change.
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I, II, and IV only
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I, II, and III only
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II, III, and IV only
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I, II, III, and IV