题目
Which of the following is not a true statement about internal credit ratings?
选项
A.The \u201cat-the-point-in-time\u201d approach makes heavy use of econometric modeling that relates current financial variables to estimated default risk.
B.The \u201cthrough-the-cycle\u201d approach is forward-looking and attempts to incorporate future economic scenarios into current default risk estimates.
C.\u201cat-the-point-in-time\u201d credit scores volatility is much higher than \u201cthrough-the-cycle\u201d score volatility.
D.A sound internal system uses at-the-point-in-time scoring for small-to-medium-sized companies and private firms and through-the-cycle scoring for large firms.
答案
D
解析
The approaches are not compatible or directly comparable, and using the two approaches for different firms can yield highly inconsistent and misleading results.有效的内部评级体系要求所有公司采用同种评级方式，要么都是时点评级法，要么都是跨周期评级法。