Which statements regarding bond ratings are true? I. They include a quantitative analysis of financial ratios. II. They include the effects of special covenants and the collateral provisions of the agreement. III. They include qualitative analysis of the sensitivity of earnings to changes in the economy and inflation. IV. They instantaneously change as the factors in the market or in the company change. a.I, III, and IV only b.I, II, and III only c.I, II, and IV only d.II, III, and IV only