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　　Which ofthe following is not a true statement about internal credit ratings?
　　A. The "at-the-point-in-time" approach makes heavy use of econometric modeling that relates current financial variables to estimated default risk.
　　B. The "through-the-cycle" approach is forward-looking and attempts to incorporate future economic scenarios into current default risk estimates.
　　C. "At-the..point-in-time" credit scores volatility is much higher than "through-the-cycle" score volatility.
　　D. A sound internal system uses at-the-point-in-time scoring for small-to-medium-sized ∞mpanies and private firms and through-the-cycle scoring for large firms.
　　Answer:D
　　The approaches are not compatible or directly comparable, and using the two approaches for different firms can yield highly inconsistent and misleading results.