私募信贷市场现罕见风险信号！知名基金FSK遭穆迪降级至“垃圾级”

智通财经03-24

智通财经APP获悉，由Future Standard和KKR & Co.共同管理的私募信贷基金失去了一项投资级评级，这在规模达1.8万亿美元的私募信贷市场中实属罕见，可能会导致这支规模达140亿美元的投资工具的借贷成本上升。穆迪周一在一份声明中表示，由于“持续的资产质量挑战”损害了盈利能力和基金投资组合相对于同行的价值，穆迪将FS KKR Capital Corp.(FSK)的评级下调至 Ba1，...

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Well-known fund FSK was downgraded to \"junk\" by Moody's","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FSK":1.5,"MCO":1.5},"content_text":"智通财经APP获悉，由Future Standard和KKR & Co.共同管理的私募信贷基金失去了一项投资级评级，这在规模达1.8万亿美元的私募信贷市场中实属罕见，可能会导致这支规模达140亿美元的投资工具的借贷成本上升。穆迪周一在一份声明中表示，由于“持续的资产质量挑战”损害了盈利能力和基金投资组合相对于同行的价值，穆迪将FS KKR Capital Corp.(FSK)的评级下调至 Ba1，即垃圾级。该基金的违约率(即非计息贷款比例,Non-accrual rate，衡量不良贷款的比例)截至去年年底升至总投资的5.5%，是同类基金中比例最高的之一。该基金还对其他一些未被归类为违约贷款但已遭受大幅减值的投资表示担忧，其中包括向软件公司Medallia Inc.提供的贷款。该基金的一位发言人在电子邮件声明中表示：“尽管做出了这一决定，FSK 的处境依然良好。FSK拥有稳健且阶梯式的负债结构，没有 2026 年到期的无担保债务，近期到期债务也有限，这使我们能够继续支持投资组合公司并应对当前的市场环境。”像FSK这样以商业发展公司形式运作的基金通常会发行自己的债券来提高收益。它们力求保持债券的投资级评级，以便吸引更广泛的投资者群体，并获得比垃圾级债券借款人更低的借贷成本。穆迪在评估报告中还指出，FSK的实物支付收入比例高于同业公司，并称这是“盈利质量较弱”的迹象。实物支付收入条款允许借款人通过增加债务来支付利息。不过，该评级机构表示，从流动性角度来看，该基金“状况良好”，在今年早些时候偿还了10亿美元的票据后，目前约有25亿美元可用。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2621031843","isCrawlerRequest":true}