Which two of the following statements are accurate? You must choose an answer

I. Moody's highest rating is AAA.

II$.$ S&P$\text{'}$s highest rating is AAA.

IlI. Any bond with a grade lower than Baa on the Moody scale is considered a junk investment.

IV$.$ A bond rated BBB on the S&P scale is less risky than a bond rated Baa on the Moody scale.

A$)$ II and IV

B$)$ I and IlI

C$)$ II and III

D$)$ I and IV

Explain why Answer is C$)$ II and III.