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.