Thai Investment Consultant Licensing Exams - P2 - หลักสูตรความรู้เกี่ยวกับตราสารที่มีความซับซ้อน : ตราสารหนี้ และ กองทุนรวม - [79]

This question is in Thai language. Let me try to translate it to understand the question:

The question is asking about high-risk debt securities (bonds) and which options are correct:

"Which option is correct regarding high-risk debt securities: I. Debt securities with a credit rating higher than investment grade II. Debt securities that have not been rated (Unrated bond) III. Debt securities with a credit rating lower than B- IV. Debt securities with a credit rating lower than BBB-"

Now, let me think about high-risk debt securities:

1. High-risk debt securities typically have low credit ratings or no ratings at all.
2. Investment grade bonds are typically rated BBB- or higher by rating agencies like S&P and Fitch, or Baa3 or higher by Moody's.
3. Bonds below investment grade (below BBB-/Baa3) are considered "junk bonds" or "high-yield bonds" and are higher risk.
4. Unrated bonds (those without a credit rating) are often considered higher risk due to the lack of a formal assessment.

Let's analyze each statement:

I. Debt securities with a credit rating higher than investment grade

• Investment grade already implies a relatively high credit rating (BBB- or higher)
• Bonds rated higher than investment grade would be very safe, not high risk
• This statement is NOT correct for high-risk bonds

II. Debt securities that have not been rated (Unrated bond)

• Unrated bonds lack formal assessment and are generally considered higher risk
• This statement IS correct for high-risk bonds

III. Debt securities with a credit rating lower than B-

• B- is already below investment grade, so bonds rated lower than B- are very high risk
• This statement IS correct for high-risk bonds

IV. Debt securities with a credit rating lower than BBB-

• BBB- is the cutoff for investment grade, so bonds rated lower than BBB- are considered non-investment grade or "junk bonds"
• This statement IS correct for high-risk bonds

Now, let's determine which option is correct: a: I and III - I is incorrect, III is correct b: I and IV - I is incorrect, IV is correct c: II and III - II is correct, III is correct d: II and IV - II is correct, IV is correct

Based on my analysis, both options c (II and III) and d (II and IV) contain correct statements about high-risk debt securities.

However, there's a subtlety here. While both III and IV describe high-risk bonds, statement IV (bonds rated below BBB-) includes a broader category that would also encompass statement III (bonds rated below B-). So both are true, but they describe different degrees of risk within the high-risk category.

The question is asking which statements correctly identify high-risk debt securities. Both II, III, and IV correctly identify types of high-risk debt securities.

I think the most precise answer would be option d: II and IV, because:

1. II correctly identifies unrated bonds as high risk
2. IV correctly identifies all non-investment grade bonds (below BBB-) as high risk, which by definition includes all high-risk bonds in the credit rating system

But option c is also potentially correct if the question is specifically asking about the highest-risk debt securities, since III focuses on particularly low-rated bonds.

Let me re-read the question to make sure I'm interpreting it correctly. The question asks which option is correct regarding high-risk debt securities. Both options c and d contain statements that correctly identify high-risk debt securities.

However, statement IV encompasses all non-investment grade bonds (including those in statement III), while statement III only refers to a subset of high-risk bonds with particularly low ratings. Since the question is about high-risk debt securities broadly, option d (II and IV) seems to be the most comprehensive and accurate answer.

Therefore, I believe the correct answer is d: II and IV.

Actually, let me double-check my understanding of statement I. The original statement says "debt securities with a credit rating higher than investment grade" - this wording is a bit ambiguous in translation. If it means bonds rated higher than the minimum threshold for investment grade (i.e., bonds rated higher than BBB-), then these would be investment grade bonds, which are NOT high risk.

On the other hand, if it means bonds in a category higher than the investment grade category as a whole (which doesn't make sense in standard bond rating terminology), then the statement would be nonsensical.

Either way, statement I is incorrect when referring to high-risk debt securities.

So, my answer remains: option d: II and IV.

Okay, let's tackle this question. The user is asking about high-risk debt instruments. The options are in Thai, so I need to make sure I understand each part correctly.

First, the question is about which options correctly relate to high-risk debt instruments. The options given are I, II, III, IV, and the answer choices combine these.

Let me break down each statement:

I. ตราสารหนี้ได้รับจัดอันดับความน่าเชื่อถือสูงกว่าอันดับที่สามารถลงทุนได้ Translation: Debt instruments that have a credit rating higher than the investable grade. So, this would mean they are investment-grade bonds, which are lower risk. But the question is about high-risk instruments, so I think this is incorrect.

II. ตราสารหนี้ไม่ได้รับจัดอันดับความน่าเชื่อถือ (Unrated bond) Unrated bonds don't have a credit rating. These are considered higher risk because the lack of rating means uncertainty, so they might be classified as high-risk. So II is correct.

III. ตราสารหนี้ที่มีอันดับความน่าเชื่อถือที่ต่ำกว่า B- A credit rating below B- is typically considered non-investment grade or junk bonds, which are high-risk. So III is correct.

IV. ตราสารหนี้ที่มีอันดับความน่าเชื่อถือต่ำกว่า BBB- BBB- is usually the threshold for investment-grade. Below that (like BB+ or lower) is non-investment grade. So IV would be bonds rated below BBB-, which are high-risk. So IV is correct.

Now, the answer choices are combinations of these. Let's check each option:

a) I and III: I is investment-grade (low risk), III is below B- (high risk). So I is incorrect, so a is wrong.

b) I and IV: Again, I is high rating (low risk), IV is below BBB- (high risk). So I is incorrect, so b is wrong.

c) II and III: II is unrated (high risk), III is below B- (high risk). Both correct. So c is a possible answer.

d) II and IV: II is unrated (high risk), IV is below BBB- (high risk). Both correct. So d is also possible.

Wait, but the question is which options are correct. So both II & III and II & IV could be correct? But that depends on the rating scales used. Let me think about the standard credit ratings.

Typically, BBB- (from S&P and Fitch) is the lowest investment grade. Below that is BB+ and lower, which are junk bonds. So IV (below BBB-) would be high-risk. III is below B-, which is even lower. So III is definitely high-risk. IV is also high-risk. Unrated bonds (II) are considered high-risk. So both II & III and II & IV are correct? But the answer options are c) II and III, d) II and IV.

Wait, maybe the question is distinguishing between different rating scales. For example, some agencies might use different thresholds. But generally, BBB- is the cutoff for investment grade. So IV (below BBB-) is non-investment. III is below B-, which is even lower. So both III and IV are high-risk, but IV is a higher threshold (BBB- vs B-). So if the question is about high-risk instruments, both II (unrated), III (below B-), and IV (below BBB-) are correct. But the answer options pair II with III or IV.

So the correct answer would be both c and d? But that's not possible. Wait, maybe the question is from a specific context where only certain options are correct. Let me check again.

The question is asking which options are correct regarding high-risk debt instruments. So:

• II: Unrated bonds are high-risk. Correct.

• III: Below B- is high-risk. Correct.

• IV: Below BBB- is high-risk. Correct.

But the answer options are combinations. So if both III and IV are correct, but the options are c) II & III and d) II & IV, then both c and d would be correct. But that's not possible. Wait, maybe there's a mistake here. Alternatively, perhaps the question considers that in some rating systems, BBB- is the cutoff, so IV is correct, and B- is another cutoff. For example, in S&P, ratings below BBB- are non-investment grade. B- is lower than that. So III (below B-) is even riskier than IV (below BBB-). But both are considered high-risk. So if the question is asking which are high-risk, both III and IV would be correct. But the answer options pair II with either III or IV.

But the options are a) I & III, b) I & IV, c) II & III, d) II & IV.

So II is definitely correct (unrated is high-risk). Then between III and IV, which are both high-risk. But the answer options pair II with either. So perhaps the correct answer is both c and d? But that's not possible. The user must have intended one correct answer. Maybe there's a mistake in the question's options.

Alternatively, maybe in the context of this question, the correct answers are II and IV. Because in some frameworks, bonds rated below BBB- are considered high-yield (junk), and unrated bonds are also high-risk. So II and IV would be correct. But III is also high-risk. Hmm.

Wait, maybe the question is from a specific source where the correct answers are II and IV. For example, if the question defines high-risk as either unrated or below BBB-, then II and IV are correct. But if it's below B-, then III is correct. But without more context, it's hard to say. However, typically, BBB- is the cutoff for investment grade. So IV (below BBB-) is high-risk. III (below B-) is even lower, so also high-risk. So both III and IV are high-risk. But the answer options pair II with either. So which is correct?

Alternatively, maybe the question is in Thai and uses a different rating scale. For example, in Thailand, maybe they use a different system. But I think they generally follow international standards. So, assuming standard ratings:

• II (Unrated) is high-risk.

• IV (below BBB-) is high-risk.

• III (below B-) is also high-risk.

But the answer options are c) II & III and d) II & IV. So both could be correct. But the user expects one correct answer. Maybe the question is asking which are considered high-risk, and the correct answers are II and IV. Because III is below B-, which is even lower than IV's BBB-, but both are non-investment grade. However, in some contexts, only IV is considered the cutoff. Wait, no. BBB- is the usual cutoff. So anything below that (BB+, BB, B, etc.) is non-investment. So IV (below BBB-) includes BB+, B, etc. III is below B-, which is even lower. So both III and IV are high-risk, but IV is a broader category. However, the question is asking which options are correct. So if the options are II and IV, that's correct. If the options are II and III, that's also correct. But the answer choices are separate.

Wait, maybe the question is from a test where the correct answer is II and IV. For example, in some contexts, unrated bonds and bonds below BBB- are considered high-risk. While bonds below B- are also high-risk, but maybe the question is looking for the more common answers. Alternatively, maybe the options are based on a specific definition provided in the study material.

Alternatively, perhaps the question is in error. But given the options, I need to choose between c and d. Let me think again.

If the question is about high-risk debt instruments, then:

• Unrated bonds (II) are high-risk.

• Bonds rated below BBB- (IV) are high-risk (junk bonds).

• Bonds rated below B- (III) are even lower, but still part of the high-risk category.

So both III and IV are correct. But the answer options pair II with either. So if the question allows multiple correct statements, but the answer options are combinations, then both c and d would be correct. But since the options are a, b, c, d, and the user expects one correct answer, perhaps there's a mistake in the question. Alternatively, maybe the correct answer is d) II and IV, because IV is the standard cutoff (BBB-), and III is a subset of that. But in reality, both III and IV are correct. However, since the options are separate, the answer might be d) II and IV.

Alternatively, maybe the question considers that III is not correct because it's below B-, which is part of the high-risk category, but IV is below BBB-, which is also high-risk. So both are correct. But the answer options don't have a choice that includes II, III, and IV. So perhaps the intended answer is d) II and IV, considering that IV is the standard cutoff, and III is a more extreme case. But I'm not sure.

Alternatively, maybe the question is in Thai and uses a different rating scale. For example, in some systems, BBB- is the cutoff, and B- is lower. So both IV and III are high-risk, but the answer options pair II with either. So which is correct? If the question is asking for all correct options, but the answer choices are combinations, then both c and d would be correct. But since that's not possible, perhaps the intended answer is d) II and IV.

Alternatively, maybe the question has a typo. For example, if option III was "below BB-" instead of "B-", then IV would be correct. But given the current options, I need to choose based on standard ratings.

In conclusion, II (unrated) and IV (below BBB-) are correct. So the answer is d) II and IV.

First, the user has provided another multiple-choice question in JSON format. It's about high-risk debt instruments, but it's in Thai. I need to understand the question and options.

The question is: "ตัวเลือกใดถูกต้องเกียวกับ ตราสารหนีทีมีความเสียงสูง" which translates to "Which options are correct regarding high-risk debt instruments?"

It lists:

I. ตราสารหนีทีได้รับจัดอันดับความน่าเชือถือสูงกว่าอันดับทีสามารถลงทุนได้ – This means "Debt instruments that have a credit rating higher than investment-grade ratings." Wait, that doesn't sound right for high-risk. Investment-grade is typically BBB- and above, so higher than that would be even safer, like A or AA, which are low-risk.

Actually, high-risk bonds are below investment grade. Let me double-check.

Standard bond ratings:

• Investment-grade: BBB- and above (e.g., BBB, A, AA, AAA)

• High-yield or junk bonds: Below BBB-, like BB, B, etc.

So, I says: "Debt instruments that have a credit rating higher than the ratings that can be invested in." This is confusing. "อันดับทีสามารถลงทุนได้" means "ratings that can be invested in," which is investment-grade. So, higher than investment-grade? Ratings go AAA (highest) to C or D (lowest). Higher means safer, like AAA is higher than BBB.

In Thai, "สูงกว่าอันดับทีสามารถลงทุนได้" – "higher than the investment-grade ratings." Investment-grade is already the threshold, so higher would be AAA to A, which are very safe, not high-risk.

That seems incorrect for high-risk instruments.

Perhaps it's a mistranslation. Let me read carefully.

The full I: "ตราสารหนีทีได้รับจัดอันดับความน่าเชือถือสูงกว่าอันดับทีสามารถลงทุนได้"

It might mean "higher than the lowest investment-grade," but typically, high-risk are below.

II: ตราสารหนีทีไม่ได้รับจัดอันดับความน่าเชือถือ (Unrated bond) – Unrated bonds, which are often considered high-risk because they haven't been evaluated.

III: ตราสารหนีทีอันดับความน่าเชือถือทีตํากว่า B- – "Debt instruments with credit rating lower than B-"

B- is already below investment-grade (BBB-), and lower than B- would be CCC, CC, etc., which are very high-risk.

IV: ตราสารหนีทีอันดับความน่าเชือถือตํากว่า BBB- – "Debt instruments with credit rating lower than BBB-"

BBB- is the lowest investment-grade, so lower than BBB- is high-yield or junk bonds.

High-risk debt instruments typically include:

• Junk bonds: Below investment-grade, so lower than BBB-, which includes BB, B, CCC, etc.

• Unrated bonds: Often treated as high-risk.

So, for high-risk:

• I: Ratings higher than investment-grade? No, that's low-risk.

• II: Unrated – Yes, high-risk.

• III: Lower than B- – Yes, very high-risk.

• IV: Lower than BBB- – Yes, high-risk.

The question is about what correctly defines high-risk instruments.

Options:

a: I และ III (I and III)

b: I และ IV (I and IV)

c: II และ III (II and III)

d: II และ IV (II and IV)

I is not correct for high-risk, as it's for safe instruments.

So, probably c or d.

II and III: Unrated and lower than B- – both high-risk.

II and IV: Unrated and lower than BBB- – also both high-risk.

Lower than BBB- includes lower than B-, since B- is lower than BBB-.

IV is lower than BBB-, which encompasses BB down to C, and III is lower than B-, which is CCC and below.

Both II and IV are correct, and II and III are also correct, but I need to see which one is precisely right.

The question is: "Which options are correct regarding high-risk debt instruments?"

It might be asking for the ones that define high-risk.

In finance, high-risk bonds are typically:

• Non-investment grade: Below BBB-

• Unrated

So, both II and IV are standard.

III is a subset of IV, since lower than B- is lower than BBB-.

The question might expect the most accurate combination.

Perhaps the correct one is II and IV, as IV is the standard definition for below investment-grade.

Let's think: In some contexts, high-risk includes unrated and sub-investment grade.

Looking at the options, both c and d seem plausible, but I need to recall standard definitions.

Upon second thought, high-risk bonds are often synonymous with junk bonds, which are below BBB-.

Unrated bonds are also high-risk, but sometimes separately classified.

The question says "ตราสารหนีทีมีความเสียงสูง" which is "high-risk debt instruments," and lists these.

From the options, I think d: II and IV is correct, because I is definitely not, and III is part of IV.

The question is multiple choice, and it's "which are correct," meaning which of the Roman numerals are true for high-risk.

For high-risk, II, III, and IV are all correct, but the options are pairs.

The options are pairs, so I have to choose the pair that are both correct.

Since I is not correct, a and b are out.

Between c: II and III, and d: II and IV.

IV is "lower than BBB-", which is correct, and III is "lower than B-", which is also correct, but d includes II and the broader category.

Perhaps both are correct, but I need to see if the question implies the standard definition.

Maybe the exact match is d, as high-risk is generally below BBB- and unrated.

In some definitions, high-yield bonds are BB+ to B-, and below B- are in default territory, but still, below BBB- is high-risk.

I think d is the most comprehensive.

Perhaps the answer is d.

Let's check online or recall: In finance, speculative-grade or high-yield bonds are those rated Ba1/BB+ or lower by Moody's/S&P, which is below Baa3/BBB-.

So, lower than BBB- is high-yield.

Unrated are also high-risk.

So, II and IV are both correct.

III is lower than B-, which is even lower, so it's included in IV.

Since the option is II and IV, that covers unrated and all below BBB-.

II and III would be unrated and only the very low ones (below B-), which is not the full picture.

So, probably d: II and IV is the correct choice.

Yes, I think that's it.

So, my response should be: Provide a brief explanation, then respond in JSON with the "correct_answer_key".

Brief explanation: High-risk debt instruments include unrated bonds (II) and those with ratings lower than BBB- (IV). Option I is for high-rated bonds, which are low-risk, and III is a subset but not the full definition.

Correct answer: d

So, output: Brief explanation, then JSON {"correct_answer_key":"d"}

Okay, let's tackle this question. It's about high-risk bonds and their credit ratings. The question is in Thai, so I need to make sure I understand the terms correctly. Let me break it down.

First, the question asks which options are correct regarding high-risk bonds. The options are I, II, III, IV, and the possible combinations are given as a, b, c, d.

Looking at the statements:

I. High-risk bonds are rated higher in creditworthiness than investment-grade bonds. II. High-risk bonds are unrated (Unrated bond). III. High-risk bonds have a credit rating below B-. IV. High-risk bonds have a credit rating below BBB-.

Hmm, I remember that investment-grade bonds are those with higher credit ratings, typically BBB- or above, while high-risk bonds, which are non-investment grade, are below that. These are often called junk bonds. The ratings below BBB- would be BB and below, which are considered speculative or high-risk.

So statement I says high-risk bonds have higher credit ratings than investment-grade. That's the opposite of what's true, so I is incorrect.

Statement II says high-risk bonds are unrated. But some high-risk bonds might still be rated, just with low ratings. Unrated bonds could be a subset, but not all high-risk bonds are unrated. So II might not be entirely correct. Maybe some are unrated, but the main characteristic is the low rating, not being unrated.

Statement III: Below B-. Wait, the standard is that ratings below BBB- are non-investment grade. So B- is already below BBB. But the exact cutoff is BBB- for investment grade. So if a bond is rated B- or lower (like BB, B, CCC, etc.), it's high-risk. So III says below B-, which would be even lower, but actually, anything below BBB- is considered high-risk. So maybe III is incorrect because it's more restrictive. Wait, maybe the Thai terms here use different scales. Let me think again.

Wait, in Moody's and S&P, investment grade is up to BBB-. Below that (BB and below) are non-investment grade (high-risk). So if III says "below B-", that would be even lower than B-, like BB? Wait no, B- is actually higher than BB? Wait, no. Wait, the rating scales go like this: AAA is highest, then AA, A, BBB, then BB, B, CCC, etc. So BBB is investment grade, BB and below are non-investment. So B- would be a lower grade than BB? Wait, no. The minus and plus are subcategories. So BBB- is the lowest investment grade. BB+ is higher than BB, which is higher than BB-, then B+, B, B-, then below that. So if statement III says "below B-", that would be ratings like CCC, which are definitely high-risk, but the cutoff for high-risk is anything below BBB-. So III's statement is more specific but not the main criteria. The main is below BBB-, so III is a subset but not the full definition. So maybe III is correct because B- is still above some high-risk bonds. Wait, the question is about which statements are correct. Let me check again.

Statement III: "high-risk bonds have credit ratings below B-". But actually, high-risk includes BB and B as well, which are above B-. So if a bond is BB or B, it's still high-risk but not below B-. So III is incorrect because it's saying below B-, which would exclude BB and B. So III is wrong.

Statement IV: "high-risk bonds have credit ratings below BBB-". That's correct because BBB- is the cutoff. So anything below that (BB+, BB, etc.) is non-investment grade, hence high-risk. So IV is correct.

Now, looking at the options:

The question is which options are correct. The statements that are correct are IV. Wait, but let me check again.

Wait, the options given are combinations. Let me re-express the statements:

I: High-risk bonds have higher credit ratings than investment-grade. No, that's wrong.

II: High-risk bonds are unrated. Not necessarily, because they can be rated but with low ratings. So II is incorrect.

III: Below B-. As discussed, that's too strict. High-risk includes BB and B, so III is incorrect.

IV: Below BBB-. That's correct. So the correct statements are IV. But looking at the options, the choices are combinations. The options given are:

a: I and III → both wrong.

b: I and IV → I is wrong, IV is correct, so no.

c: II and III → both wrong.

d: II and IV → II is wrong, IV is correct. Wait, but the options are combinations. Wait, the options are:

a: I and III

b: I and IV

c: II and III

d: II and IV

Wait, so IV is correct, but none of the options have just IV. Wait, maybe I made a mistake here. Let me check again.

Wait, maybe the Thai terms are different. Let me re-express the original question's statements:

I: High-risk bonds are rated higher in creditworthiness than investment-grade bonds. (Incorrect, since investment-grade are higher.)

II: High-risk bonds are unrated. (Not necessarily, they can be rated as BB, B, etc.)

III: High-risk bonds have a credit rating below B-. (If the cutoff is BBB-, then B is still high-risk but not below B-. So III is incorrect.)

IV: High-risk bonds have a credit rating below BBB-. (Correct.)

So the correct statements are IV only. But the options don't have an option that's just IV. The options are combinations. Wait, looking at the options again:

The options are:

a: I and III → both wrong.

b: I and IV → I is wrong, IV is correct. So this is incorrect.

c: II and III → both wrong.

d: II and IV → II is wrong, IV is correct. So this is also incorrect.

Wait, that can't be. There must be an error here. Maybe I misunderstood the statements.

Wait, maybe statement IV says "below BBB-", which is correct. So the correct answer should be IV. But the options don't have an option with just IV. The options are a to d, which are combinations. Wait, perhaps I made a mistake in interpreting the statements.

Wait, let me check the original Thai statements again. The user provided the question in Thai, so maybe I misread something.

The question says:

"ตัวเลือกใดถูกต้องเกียวกับ ตราสารหนีทีมีความเสียงสูง(I ตราสารหนีทีได้รับจัดอันดับความน่าเชือถือสูงกว่าอันดับทีสามารถลงทุนได้II ตราสารหนีทีไม่ได้รับจัดอันดับความน่าเชือถือ (Unrated bond)III ตราสารหนีทีอันดับความน่าเชือถือทีตํากว่า B-IV ตราสารหนีทีอันดับความน่าเชือถือตํากว่า BBB-)"

Translating each part:

I: High-risk bonds are rated higher in creditworthiness than investment-grade bonds. (Incorrect)

II: High-risk bonds are unrated (Unrated bond). (Incorrect, as they can be rated but low)

III: High-risk bonds have a credit rating below B- (assuming the hyphen is part of the rating, like B-). Wait, maybe the Thai uses different notation. In some systems, B- might be considered a lower grade. Wait, in standard ratings, BBB is the lowest investment grade. So anything below BBB is non-investment (high-risk). So B is below BBB, so B is high-risk. So if statement III says "below B-", then that would mean ratings like BB, B, etc.? Wait, no. Wait, B- is a lower grade than B. So if a bond is rated B-, it's still high-risk, but the cutoff is BBB-. So the high-risk includes all below BBB-, which includes BB, B, B-, etc. So statement III says "below B-", which would exclude BB and B, only including those below B- (like CCC). So that's not correct. So III is wrong.

IV: High-risk bonds have a credit rating below BBB- (correct, since BBB- is the cutoff).

So the correct statements are IV only. But the options given don't have an option with just IV. The options are:

a: I and III → no

b: I and IV → no

c: II and III → no

d: II and IV → no, because II is wrong.

Wait, this is a problem. Maybe I made a mistake in the translation. Let me check the original Thai again for statement IV.

The user wrote:

"IV ตราสารหนีทีอันดับความน่าเชือถือตํากว่า BBB-"

Which translates to "IV. Bonds that have a credit rating lower than BBB-".

Yes, that's correct. So IV is correct. But none of the options have IV alone. The options are combinations. Wait, perhaps the options are different. Let me check the options again:

The options are:

a: I และ III → I and III

b: I และ IV → I and IV

c: II และ III → II and III

d: II และ IV → II and IV

Hmm, so none of the options have just IV. That suggests that maybe there's an error in the question, or perhaps I misunderstood the statements.

Alternatively, maybe statement II is partially correct. If some high-risk bonds are unrated, then II could be partially correct, but the question says "high-risk bonds" in general. Since not all are unrated, II is incorrect.

Alternatively, maybe the question considers that high-risk bonds are either unrated or rated below a certain level. So II and IV could both be correct? Wait, but the question is asking which statements are correct about high-risk bonds. So if II says "high-risk bonds are unrated", that's not entirely true because some are rated but with low ratings. So II is incorrect.

Wait, maybe the Thai wording for statement II is different. Let me check again:

"II ตราสารหนีทีไม่ได้รับจัดอันดับความน่าเชือถือ (Unrated bond)" → "II. Bonds that are not rated (Unrated bond)". So it's saying that high-risk bonds are unrated. But that's not accurate because many high-risk bonds are rated as BB, B, etc. So II is incorrect.

Hmm, this is confusing. Maybe I made a mistake in the cutoff. Let me confirm the credit rating scales again.

Standard & Poor's and Moody's:

Investment grade (high grade):

S&P: BBB- and above

Moody's: Baa3 and above

Non-investment grade (high-risk/junk):

S&P: BB+ and below

Moody's: Ba1 and below

So the cutoff is BBB- for S&P. So any bond rated below BBB- is non-investment grade. So statement IV says "below BBB-", which is correct. So IV is correct.

Statement III says "below B-". Since B- is still non-investment grade, but the cutoff is BBB-, so "below B-" would be even lower, but the high-risk includes everything below BBB-, which includes BB, B, B-, etc. So III is incorrect because it's a subset.

Therefore, only IV is correct. But the options don't have an option with just IV. The options are combinations. Wait, maybe the question allows multiple correct statements but the options are combinations. Since IV is correct, but none of the options have IV alone, perhaps there's a mistake in the options. Alternatively, maybe I made a mistake in the analysis.

Wait, maybe statement I is correct? Let me check again.

Statement I: "high-risk bonds are rated higher in creditworthiness than investment-grade bonds." No, that's the opposite. Investment-grade are higher rated. So I is wrong.

Statement II: incorrect.

Statement III: incorrect.

Statement IV: correct.

So the only correct statement is IV. But the options don't have an option with just IV. The options are a to d, which are all combinations. This suggests that perhaps there's an error in the question, or maybe I misunderstood the Thai terms.

Alternatively, maybe the Thai terms for the statements are different. Let me re-express the statements again carefully:

I: High-risk bonds have higher credit ratings than investment-grade bonds. (Wrong)

II: High-risk bonds are unrated. (Wrong)

III: High-risk bonds have credit ratings below B-. (Wrong, because B is still high-risk but not below B-)

IV: High-risk bonds have credit ratings below BBB-. (Correct)

So the correct answer should be IV alone, but since that's not an option, perhaps the question has a mistake. Alternatively, maybe the options are labeled differently. Wait, looking back at the user's input:

The options are:

a: I and III

b: I and IV

c: II and III

d: II and IV

Wait, maybe the correct answer is d: II and IV, but that would mean II is correct. But II is not correct. Unless the question considers that high-risk bonds can be either unrated or below BBB-. So both II and IV are correct? But the way the statements are phrased, II says "high-risk bonds are unrated", which is not true because many are rated. However, if the question is saying that high-risk bonds can be either unrated or below BBB-, then both II and IV would be correct. But the way the statements are written, each is a separate condition. So the question is asking which statements are correct about high-risk bonds. So if II is saying that high-risk bonds are unrated, that's not accurate. But maybe in some contexts, high-risk bonds are often unrated, but not exclusively. So perhaps the question is considering that high-risk bonds are either unrated or below BBB-, making both II and IV correct? But that would require the statements to be "can be" instead of "are". Since the statements are phrased as definitive ("are"), then II is incorrect.

Alternatively, maybe the Thai wording for statement IV is different. Let me check again:

"IV ตราสารหนีทีอันดับความน่าเชือถือตํากว่า BBB-"

Which translates to "IV. Bonds that have a credit rating lower than BBB-". So that's correct.

Hmm, this is perplexing. Since the options don't have an option with just IV, perhaps there's a mistake in the question. Alternatively, maybe I made a mistake in the analysis. Let me think again.

Wait, maybe the Thai term for "below BBB-" is actually "BBB- or lower", which would include BBB- itself. But BBB- is the cutoff, so below would be BB and below. So IV is correct.

Alternatively, maybe the question is from a different rating system where the cutoff is B-. For example, if in some systems, investment grade is up to B-, then below B- would be high-risk. But that's not standard. The standard is BBB-.

Alternatively, maybe the question is considering that high-risk bonds are those rated below B, so B- would be the cutoff. But that's not standard.

Alternatively, perhaps the user made a typo in the options. Let me check the user's input again:

The options are:

a: I และ III → I and III

b: I และ IV → I and IV

c: II และ III → II and III

d: II และ IV → II and IV

If the correct answer is IV alone, but it's not an option, then perhaps the question is wrong. Alternatively, maybe I'm missing something.

Wait, maybe statement III is correct. Let me re-express:

III: "high-risk bonds have a credit rating below B-". If the rating scale is such that B- is the lowest investment grade, then below B- would be high-risk. But in reality, BBB- is the cutoff. So unless the question uses a different scale where B- is the cutoff, then III would be correct. But that's non-standard. Maybe in the context of the question, the cutoff is B-, making III correct and IV incorrect. Let me consider that possibility.

If the cutoff for investment grade is B-, then:

• Investment grade: B- and above.

• High-risk: below B- (like BB, B-, wait no, that would be conflicting). Wait, no, if B- is the cutoff, then anything below B- (like BB?) would be lower. Wait, the rating scales usually go in order: AAA, AA, A, BBB, BB, B, CCC, etc. So B is below BBB. So if the cutoff were B-, then BBB would be high-risk? That doesn't make sense. So I think the standard is BBB-.

Therefore, the correct statement is IV. Since the options don't have an option with just IV, perhaps the intended answer is d: II and IV, but that would require II to be correct. Alternatively, maybe the question considers that high-risk bonds are either unrated or below BBB-, so both II and IV are correct. But the way the statements are phrased, II is a general statement that all high-risk bonds are unrated, which is false. However, if the question is asking which options include correct statements (even if one is partially correct), but the options are combinations, then maybe the correct answer is d: II and IV, assuming that IV is correct and II is also considered correct in some contexts. But I'm not sure.

Alternatively, maybe the question has a mistake and the correct answer is IV, but the closest option is d, which includes IV. Since the user might expect that, even if II is incorrect, but the options are limited, perhaps the intended answer is d. Alternatively, maybe I made a mistake in the analysis.

Wait, let me check the options again. The question is asking which options are correct. If only IV is correct, but none of the options have just IV, then perhaps the question is wrong. Alternatively, maybe I made a mistake in the analysis of statement II.

Statement II: "high-risk bonds are unrated (Unrated bond)". If the question is referring to high-yield bonds, some are unrated, but many are rated as BB, B, etc. So the statement is incorrect because it's not all high-risk bonds are unrated. However, if the question is saying that high-risk bonds can be unrated, then II would be partially correct, but the statement is phrased as a definitive "are", so it's incorrect.

Hmm. Given the options provided, the only possible correct combination that includes IV is option d (II and IV), but since II is incorrect, that can't be. Option b is I and IV, but I is wrong. Option a and c are also wrong. This suggests that there might be an error in the question's options. However, since I have to choose from the given options, perhaps the intended answer is d, assuming that the question considers II as correct. Alternatively, maybe I misunderstood the Thai terms.

Wait, maybe the Thai term for "unrated" in statement II is actually "non-investment grade", but that's not the case. Alternatively, maybe the question's statements are different. Let me recheck the original question's statements:

Original statements:

I: High-risk bonds are rated higher than investment-grade. (Wrong)

II: High-risk bonds are unrated. (Wrong)

III: High-risk bonds have ratings below B-. (Wrong)

IV: High-risk bonds have ratings below BBB-. (Correct)

So the only correct is IV. Since none of the options have just IV, perhaps the question intended option d (II and IV) but made a mistake. Alternatively, maybe the user made a typo in the options. Alternatively, maybe the correct answer is IV, and the closest option is d, but that's not right.

Alternatively, maybe the question is from a source where the cutoff is BBB, so BBB- is still investment grade, and BBB- is the lowest. So below BBB- would be BB+, which is non-investment. So IV is correct.

Given that, and since the options don't have an option with just IV, perhaps the question has an error. But since I have to choose from the given options, maybe the intended answer is d: II and IV, assuming that the question considers II as correct. But that's not accurate. Alternatively, maybe the correct answer is IV, and the options are wrong, but I have to pick the best possible.

Alternatively, maybe I made a mistake in the analysis of statement III. Let me think again:

Statement III says "below B-". If the rating is B-, that's still high-risk (since it's below BBB-), but the statement says "below B-", so ratings like BB would be above B-, so they wouldn't qualify. So III is incorrect.

Hmm. I'm stuck. Given the options, the only possible correct statement is IV, but since it's not an option alone, perhaps the question intended option d (II and IV), but that's incorrect. Alternatively, maybe the correct answer is IV and the options are wrong, but I have to choose the best possible. Since IV is correct and the options include IV in d, maybe the answer is d, even though II is wrong. Alternatively, maybe the question considers that high-risk bonds are either unrated or below BBB-, so both II and IV are correct. But the way the statements are phrased, II is a general statement that all high-risk bonds are unrated, which is false. However, if the question is asking which options include correct statements (even if one is partially correct), then maybe the answer is d, but I'm not sure.

Alternatively, maybe the question's statement IV is "below or equal to BBB-", but the wording says "ตํากว่า BBB-" which is "lower than BBB-", so strictly below. So BBB- is the cutoff, so IV is correct.

Given that, and since the options don't have an option with just IV, perhaps the question has a mistake. But since I have to choose from the given options, maybe the intended answer is d, assuming that the question considers II as correct. Alternatively, maybe I made a mistake in the analysis of statement II.

Wait, maybe the question's statement II is "high-risk bonds are unrated (Unrated bond)", but in some contexts, high-risk bonds are often referred to as unrated, even if they are rated. But that's not accurate. Alternatively, maybe the question is using "unrated" to mean non-investment grade, but that's not the case.

Alternatively, perhaps the correct answer is IV, and the options are wrong, but the closest is d. Since the user might expect that, I'll go with option d, but I'm not confident. Alternatively, maybe I made a mistake in the analysis.

Wait, another angle: sometimes, in some rating agencies, the lowest investment grade is BBB, so BBB- might be considered non-investment. But that's not standard. Usually, BBB- is still investment grade. So IV is correct.

Given that, and since the options don't have an option with just IV, perhaps the question intended option d, but it's incorrect. Alternatively, maybe the correct answer is IV and the options are wrong, but I have to choose the best possible. Since IV is correct and the options include it in d, I'll go with d, even though II is wrong. Alternatively, maybe the question's options are labeled differently. Wait, looking back at the user's input:

The options are:

a: I และ III → I and III

b: I และ IV → I and IV

c: II และ III → II and III

d: II และ IV → II and IV

If the correct answer is IV alone, but it's not an option, perhaps the question has an error. But since I have to choose from the given options, maybe the intended answer is d, assuming that the question considers II as correct. Alternatively, maybe I made a mistake in the analysis of statement II.

Wait, maybe the question's statement II is "high-risk bonds are unrated (Unrated bond)", but in some contexts, high-risk bonds are often unrated, so the statement is considered correct. Even though some are rated, the majority are unrated, so the statement is considered correct. In that case, II would be correct, and IV is also correct, making d the answer. But I'm not sure if that's the case. Typically, high-yield bonds are rated as BB, B, etc., so they are rated. Unrated bonds are a separate category but not the same as high-risk. So I think II is incorrect.

Hmm. I'm really stuck here. Given the options, the only possible correct statement is IV, but since it's not an option alone, perhaps the question intended option d, but it's wrong. Alternatively, maybe I made a mistake in the analysis of statement III.

Wait, maybe the Thai term for "below B-" in statement III is actually "B or below", which would include BB and B. If the Thai wording uses "B-" as the cutoff, then "below B-" would mean ratings like BB, which are high-risk. Wait, but in standard terms, B- is lower than BB. For example, BB is higher than B. So BB is higher than B, which is higher than B-. So if the statement says "below B-", that would include ratings like B- and lower (like CCC), but BB and B are above B-. So that's not correct. So III is still wrong.

Alright, given that, and since the options don't have an option with just IV, I think there's an error in the question. But since I have to choose from the given options, perhaps the intended answer is d (II and IV), assuming that the question considers II as correct. Alternatively, maybe the correct answer is IV and the options are wrong, but I have to pick the best possible. Since IV is correct and the options include it in d, I'll go with d, even though II is incorrect. Alternatively, maybe the question's statement IV is "below or equal to BBB-", making it correct, and the options are d. I'll proceed with that.

Alright! Let's tackle this question about high-yield bonds. The user provided a multiple-choice question in Thai, asking which options correctly describe high-yield bonds. The options are labeled I through IV, and the answer choices are combinations of these options.

First, I need to understand what high-yield bonds are. From what I know, high-yield bonds are those that offer higher returns because they come with higher risk. They are typically issued by companies with lower credit ratings, meaning there's a greater chance they might default on their payments.

Looking at the options:

I. ตราสารหนีทีได้รับจัดอันดับความน่าเชือถือสูงกว่าอันดับทีสามารถลงทุนได้ - This translates to "Bonds that have a higher credit rating than investment grade." Wait, that doesn't make sense because high-yield bonds are usually below investment grade. So I think this statement is incorrect.

II. ตราสารหนีทีไม่ได้รับจัดอันดับความน่าเชือถือ (Unrated bond) - Some high-yield bonds aren't rated by agencies, so this could be correct.

III. ตราสารหน้าที่มีอันดับความน่าเชื่อต่ำกว่า B- - In many rating systems, B- is considered non-investment grade, so bonds rated below B- would be high-yield. This seems correct.

IV. ตราสารหน้าที่มีอันดับความน่าเชื่อต่ำกว่า BBB- - BBB- is typically the lowest investment-grade rating. Bonds rated below BBB- are considered high-yield, so this is also correct.

Now, looking at the answer choices:

a. I และ III - Incorrect because I is wrong. b. I และ IV - Also incorrect for the same reason. c. II และ III - Partially correct but misses IV. d. II และ IV - This includes both unrated bonds and those below BBB-, which fits the definition of high-yield bonds.

So, the correct answer should be option d.