Competition and corruption within the general business environment is most likely a material governance factor...

For sovereign debt investors, governance factors like competition, corruption, and institutional stability are critical risks (Option C). Countries with weak institutions and high corruption levels tend to have:

Higher borrowing costs due to investor concerns about misuse of public funds.

Lower credit ratings, affecting the country's ability to issue debt at favorable rates.

Option A (Infrastructure) involves governance risks, but not at the national level like sovereign debt.

Option B (Private equity) is more influenced by corporate governance rather than national corruption levels.