According to a Moody's study, the most important drivers of the loss given default historically have been all of the following EXCEPT:

According to a Moody’s study, the most important drivers of the loss given default historically have been all of the following EXCEPT:

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According to a Moody’s study, the most important drivers of the loss given default historically have been all of the following EXCEPT:

I. Debt type and seniority

II. Macroeconomic environment

III. Obligor asset type

IV. Recourse
A . I
B . II
C . I, II
D . III, IV

Answer: D