问题如下：
Compared with the higher-quality investment-grade analysis, high-yield credit analysis is more focusing on:
选项：
A.the default risk.
B.the spread risk.
C.the liquidity risk.
解释：
A is correct.
The bonds which have a higher risk in their weak balance sheets and/or less-proven business prospects will have a greater default risk compared with the higher-quality investment-grade bonds. The investment-grade analysis pays more attention to the spread risk. So, A is correct.
the default risk？不对吧，老师上课我记得说的是，对于垃圾债而言，他肯定已经都会违约了，就只能关注它的收回金额，为什么还算他的default risk啊？
