【正确答案】 A

【答案解析】Default risk is the possibility that the issuer will fail to meet its obligations under the indenture, for which investors demand a premium above the return on a default-risk-free security. Downgrade risk is the risk that a bond is reclassified as a riskier security by a credit rating agency. Reinvestment risk is the risk that the investor will have to reinvest the proceeds available for reinvestment at a lower interest rate than anticipated.