The Country-Risk-Rating Approach for Estimating the Cost of Equity in an Emerging

The country-risk-rating approach for estimating the cost of equity in an emerging market has several advantages over the country-spread approach. These advantages include all except which of the following statements?

A) It can be applied to well over 100 countries whereas the country-spread approach is limited to countries that have issued dollar-denominated sovereign debt.
B) It can be applied to specific industries instead of being restricted to country-level cost of equity estimates like the country-spread approach.
C) It overcomes the "double counting" problem that plagues the country-spread approach.
D) It overcomes some econometric deficiencies and measurement problems associated with the country-spread approach.
E) All of the statements above are advantages of the country-risk-rating approach over the country-spread approach.