B

问题如下：

Pitfalls of relying solely on credit ratings whenmaking bond investment decisions may be best described as the following:

选项：

A.

Rating agencies may change their rating in response tochanging market and credit conditions for a given issuer.

B.

Credit agencies may issue a positive or negativeoutlook for an issuer as credit risk rises or falls, but a rating change is notyet warranted.

C.

Ratings may involve miscalculations or unforeseenchanges not fully captured in a rating agency’s forward-looking analysis.

解释：

Correct Answer: C

While answers A and B are both true, they are not a pitfallof sole reliance on credit ratings when making bond investments.