Final answer:
The quality rating given to bonds that are highly speculative and near default is junk bonds or high-yield bonds. These bonds offer a high rate of return but also come with a high chance of defaulting on payments.
Step-by-step explanation:
The quality rating given by Standard & Poor's to bonds that are highly speculative and near default is junk bonds or high-yield bonds. These bonds offer a high rate of return but also come with a high chance of defaulting on payments. They are considered to be risky investments due to their higher likelihood of default compared to investment-grade bonds.