In the SVD, why must $\Sigma$ and $A$ have the same the same rank?

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I was absent from class and I am reading a classmate's notes. On them, it says:

Notice that $A = U \Sigma V^* \implies \Sigma = U^*AV$, so $A$ and $\Sigma$ has the same rank.

My question is, why would the LHS imply that the rank of $\Sigma$ and the rank of $A$ are the same?

The following is my idea; could you tell me please if it is correct?

I think I was able to prove that in general, if $B$ (square) has full rank, then the rank of $AB$ and of $BA$ are the same as the rank of $A$. Therefore, we can write

$$U \Sigma = AV$$

The rank of $U \Sigma$ is the same as the rank of $\Sigma$, and the rank of $AV$ is the same as the rank of $A$. Therefore the rank of $A$ is the same as the rank of $\Sigma$.

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$U$ and $V$ are unitary, so they are isomorphisms/invertible (or determinant non-zero, if you like).