Explanation

Note: The question appears to be incomplete in the provided text, as the specific statements to evaluate are missing. However, I can provide general information about TTC vs PIT approaches:

Through-the-Cycle (TTC) Ratings:

• Focus on long-term creditworthiness
• More stable and less volatile
• Designed to remain relatively constant through economic cycles
• Used by major rating agencies like S&P and Moody's

Point-in-Time (PIT) Ratings:

• Reflect current credit conditions
• More responsive to economic changes
• More volatile and can change frequently
• Often used by internal rating systems

Common differences:

• TTC ratings are more stable, PIT ratings are more volatile
• TTC considers long-term fundamentals, PIT focuses on current conditions
• TTC is less sensitive to business cycle fluctuations
• PIT provides more timely information about current risk

Without the specific statements to evaluate, I cannot determine which one would be the "EXCEPT" case. The question requires the complete set of statements to identify the incorrect one.