The Textbook Suggests That the Capital Structure of the Consolidated

The textbook suggests that the capital structure of the consolidated MNE is more important than and should take precedence over the local debt ratios of operating subsidiaries in determining the optimal capital structure. Reasons given in support of this proposition include all except which of the following statements?

A) Investors typically focus on the MNE's consolidated capital structure, translated into market values, so the consolidated capital structure should be of primary concern.
B) Creditors generally expect the parent to guarantee debt issued by subsidiaries in other countries, so subsidiary borrowings are often really obligations of the parent. This suggests that the consolidated capital structure is what is important.
C) If the MNE optimized each subsidiary capital structure according to local norms, it is unlikely that the consolidated capital structure would be optimal in the home-country market, leading to a higher cost of capital and lower firm value.
D) MNEs receive benefits from their global network that domestic companies cannot duplicate, and the MNE should not give up its global financing advantages in order to conform to local capital structure norms.
E) All of the statements above are reasons that support the view that the consolidated capital structure is what matters.