Mr. Rosenquist, asset manager, holds a portfolio of SEK 200 million, which consists of BBB-rated bonds. Assume that the one-year probability of default is 4%, the recovery rate is 60%, and defaults are uncorrelated over the years. What is the two-year cumulative expected credit loss on Mr. Rosenquist's portfolio?
A. SEK 6.40 million
B. SEK 6.27 million
C. SEK 9.60 million
D. SEK 9.48 million