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.