Which of the Following Statements Is False

Which of the following statements is false?

A) The bond's expected return, which is equal to the firm's debt cost of capital, is less than the yield to maturity if there is a risk of default.
B) The two best-known bond-rating companies are Standard & Poor's and Dow Jones.
C) Bonds in the bottom five categories are often called speculative bonds, junk bonds, or high-yield bonds.
D) Bond ratings encourage widespread investor participation and relatively liquid markets.