What Does Systematic Credit Risk Mean

Multiple Choice

What does systematic credit risk mean?

A) The risk of default of the borrowing firm that arises from the borrowing firm's specific projects.
B) The risk of default associated with microeconomic conditions affecting some borrowers.
C) The risk of default associated with general macroeconomic conditions affecting all borrowers.
D) The risk of default associated with general macroeconomic conditions affecting some borrowers.