不太理解这道题的意思

问题如下：

Peter, a fixed income analyst, recently has some problems conducting an independent analysis of company A's credit risk, which of the following is least likely to be the reason?

选项：

A.

Rating agencies have difficulty in capturing idiosyncratic risk.

B.

Rating agencies tend to lag market pricing of credit.

C.

Rating agencies can not predict future debt-financed acquisitions.

解释：

C is correct.

Future debt-financed acquisitions are difficult to be predicted for both analysts and ratings agencies.

考点：independent analysis and ratings agencies

解析：这道题目想让我们选择，rating agencies的一些limitation，但是independent analyst 也无法克服，也就是两者都有的缺点。

选项C是两者都面临的问题，independent analysis和credit rating都无法对未来事件做出准确的预测；经济事件如法规变动等，一些自然事件，如火灾、地震导致企业违约等都是无法预测的。这是评级机构，独立分析师两者在做分析时共同面临的问题，故选项C正确。

A选项说，评级机构很难抓住非系统风险，其实不然，credit rating agency在评级时也都会考虑到每一个评级主体的自己独特的risk，所以A选项错误。rating agency 可能调整评级滞后，但是研究员可以及时调整，选项B是independent analysis的优点，因此不选B。