Which of the Following Statements Is NOT CORRECT

Which of the following statements is NOT CORRECT?

A) All else equal, secured debt is less risky than unsecured debt.
B) The expected return on a corporate bond must be less than its promised return if the probability of default is greater than zero.
C) All else equal, senior debt has less default risk than subordinated debt.
D) A company's bond rating is affected by its financial ratios and provisions in its indenture.
E) Under