Inflated ‘Private’ Ratings Are Masking Credit Risk, Columbia Study Says
Ratings that underpin a growing slice of the $1.8 trillion private-credit market, the hottest corner of Wall Street in recent years, are systematically understating investment risk, according to a new...
By Weihua Li, Zachary R Mider, Alexandre Rajbhandari · Bloomberg Markets
Ratings that underpin a growing slice of the $1.8 trillion private-credit market, the hottest corner of Wall Street in recent years, are systematically understating investment risk, according to a new study by Columbia Business School researchers.