having trouble with Ethics Q34 (CFAI text)

Why can’t Dean call her report independent? the only issue here is the fee arrangenment should have been disclosed, not because Dean represent the report as independent research… just think this Q is badly structured… anybody had the same thoughts? or am I missing sth here

B/c she is being paid by the company she’s reporting on.

so an issuer paid credit research on a mortgage bond should not be called independent research (even though fee arrangements are disclosed?)