单项选择题

James Cunningham is evaluating the factors that influence issue ratings. He has identified and described two factors which he has summarized below:Factor 1: The higher the senior unsecured ranking, the lower the notching adjustment will be.Factor 2: In the case of structural subordination, debt of the parent holding company is serviced before that of operating subsidiaries.Cunningham is most likely correct with respect to: A. factor 1 only. B. factor 2 only. C. both of the factors.

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