In the Moody's Analytics Portfolio Model, the Risk of a Loan

In the Moody's Analytics portfolio model, the risk of a loan measures

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 times the amount lost given default.