risk-neutral probability of default 和 hazard rate，这俩有什么区别

问题如下：

The most appropriate response to Kowalski’s question relating to the credit spread is:

选项：

an increase in the hazard rate.

an increase in the loss given default.

a decrease in the risk-neutral probability of default.

解释：

C is correct. A decrease in the risk-neutral probability of default would decrease the credit valuation adjustment and decrease the credit spread. In contrast, increasing the bond’s loss-given-default assumption and increasing the probability-of-default (hazard rate) assumption would increase the credit valuation adjustment and decrease the fair value of the bond (and increase the yield to maturity and the credit spread over its benchmark).