James Cunningham is evaluating the factors that influence issue ratings. He has identified and described two factors which he has summarized below:Factor 1: The higher the senior unsecured ranking, the lower the notching adjustment will be.Factor 2: In the case of structural subordination, debt of the parent holding company is serviced before that of operating subsidiaries.Cunningham is most likely correct with respect to: A: factor 1 only. B: factor 2 only. C: both of the factors.