穆迪：零售资本涌入私募信贷可能压缩信贷利差并促使风险更高的放贷行为。

Core Insights - Moody's indicates that the influx of retail capital into private credit may compress credit spreads and encourage riskier lending practices [1] Group 1 - The entry of retail capital into private credit markets is expected to lead to tighter credit spreads [1] - Increased competition from retail investors could result in lenders taking on higher risks in their lending activities [1]