Third, fifty-four percent of the public issuers have investment-grade rating, while only
five percent of the bank borrowers and less than two percent of the private borrowers do, all
significantly different at 1%. Again, if we do not consider the firms without existing rating,
seventy-five percent of the public issuers have investment-grade rating, versus twenty percent of
the bank borrowers, and only less than seven percent of the private borrowers, all significantly
different at 1%.