问题如下：
Gerber is preparing for the annual meeting with one of the firm’s largest clients. The client wants to explore more international credit investing. Gerber anticipates that the client will ask about differences between investing in emerging markets (EM) credits and developed markets credits. To address this potential inquiry, Gerber plans to emphasize the following differences.
Difference 1: Commodity producers and banks represent a higher proportion of EM indexes than of developed market indexes.
Difference 2: Total or partial government ownership of EM issuers is common, which results in a higher average recovery rate for defaulted senior unsecured bonds for EM markets than for developed markets.
Difference 3: Compared with developed markets, the credit quality of EM issuers tends to be more concentrated at the very high and very low portions of the credit spectrum.
Which of Gerber’s three differences about investing in EM credits compared with developed market credits is most correct?
选项：
A.Difference 1
Difference 2
Difference 3
解释：
A is correct.
EM indexes have a higher proportion of commodity producers and banks than developed market indexes have.
Total or partial government ownership of EM issuers is common, which results in a higher average recovery rate for defaulted senior unsecured bonds for EM markets than for developed markets.
政府own的债券违约更少不对吗？
