Which of the Following Is True? Choose One)

Which of the following is true? choose one)

A) Risk-neutral default probabilities are usually much lower than real-world default probabilities.
B) Risk-neutral default probabilities are usually much higher than real-world default probabilities
C) Risk-neutral and real-world probabilities must be close to each other if there are to be no arbitrage opportunities default.
D) Risk-neutral default probabilities cannot be calculated from CDS spreads.