through-the- cycle

问题如下：

What is the difference between through-the-cycle and point-in-time ratings?Which do rating agencies supply? What do KMV and Kamakura supply?

解释：

Point-in-time ratings reflect current economic conditions, whereas through-the-cycle ratings are longer term and are supposed to be independent of the economic cycle. Rating agencies provide through-the-cycle ratings. KMV and Kamakura provide point-in-time ratings.