“次贷危机”翻版？超过3000笔美国私募信贷交易，全由约20人团队的小评级公司完成

Core Insights - The article highlights the emergence of Egan-Jones as a significant player in the private credit rating market, raising concerns about the quality and reliability of its ratings [1][4] - Egan-Jones has been criticized for its rapid rating process, which contrasts sharply with traditional agencies, potentially leading to inflated ratings and financial risks [2][4] Group 1: Egan-Jones Ratings - Egan-Jones completed over 3,000 private credit ratings in 2024 with a team of only about 20 analysts, making it the most active player in this market [1][2] - The company provides initial assessments within 24 hours and formal ratings in less than five days, often accompanied by minimal justification [2][4] - Some optimistic ratings from Egan-Jones have proven to be highly inaccurate, with instances of companies defaulting shortly after receiving favorable ratings [2][3] Group 2: Market Impact and Reactions - Egan-Jones's ratings have facilitated the transfer of complex debts to insurance companies managing millions of policyholders' retirement savings, with total exposure to private credit investments nearing $1 trillion [3] - Major investment firms like BlackRock and Apollo Global Management have excluded Egan-Jones from their acceptable credit rating agency lists, indicating a growing skepticism towards its ratings [4] - A report from the National Association of Insurance Commissioners (NAIC) revealed that ratings from smaller agencies like Egan-Jones are, on average, three levels higher than internal valuations, potentially underestimating financial risks [4]