Credit spread option quiz option, Because, therefore, necessary

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Why is a risk factor necessary in credit derivatives whose payout is dependent on changes to the credit spread?

Possible answers:

A: Because it reflects the extra uncertainty inherent in non-investment grade bonds
B: Because it reflects the bond's modified duration and therefore its sensitivity to yield changes
C: To enable gearing
D: Because changes to the credit spread are small and spread derivative bets are for large amounts of money