What is the difference between an issuer rating and an issue rating?

A. The issuer rating applies to all of an issuer’s bonds, whereas the issue rating considers a bond’s seniority ranking.

B. The issuer rating is an assessment of an issuer’s overall creditworthiness, whereas the issue rating is always higher than the issuer rating.

C. The issuer rating is an assessment of an issuer’s overall creditworthiness, typically reflected as the senior unsecured rating, whereas the issue rating considers a bond’s seniority ranking (e.g., secured or subordinated).