In the Moody's Analytics Portfolio Model, the Expected Loss on a Loan

In the Moody's Analytics portfolio model, the expected loss on a loan is

A) the product of the estimated loss given default and risk-free rate on a security of equivalent maturity.
B) annual all-in-spread minus the loss given default.
C) annual all-in-spread minus the expected default frequency.
D) the product of the expected default frequency and the estimated loss given default.
E) the volatility of the loan's default rate around its expected value.