Which of the Below Statements Is FALSE

Which of the below statements is FALSE?

A) Corporate debt obligations expose an investor to credit risk.
B) Credit risk consists of default risk, credit spread risk, and downgrade risk.
C) Corporate risk is typically measured by the credit or quality ratings assigned by nationally recognized commercial rating companies.
D) Commercial rating companies play a key role in the functioning of debt markets in the United States, and their role in other countries is increasing.