Point In Time vs. Though The Cycle

Point In Time (PIT):  1 year period (short-term)

Through The Cycle (TTC): 5 year period observation (long-term)

The following article well explains why there are two terms used.

https://www.z-riskengine.com/media/1029/point-in-time-versus-through-the-cycle-ratings.pdf

In case the link broke in the original website, a copy is kept here.