An Improvement in the Credit Quality of an Issue or Issuer

Multiple Choice

An improvement in the credit quality of an issue or issuer is rewarded with a better credit rating, referred to as ________; a deterioration in the credit quality of an issue or issuer is penalized by the assignment of an inferior credit rating, referred to as ________.

A) a downgrade; an upgrade
B) an upgrade; a downgrade
C) a quality improvement; a credit deterioration
D) a quality promotion; a credit demotion