<p>穆迪评级已将 <strong>Blue Owl Capital 的 (NYSE: OWL)</strong> 旗舰私募信贷基金的评级下调至负面，显示出私募信贷领域持续承压的迹象。</p>
<p>该公司将 Blue Owl Credit Income Corp（OCIC）的评级从稳定下调至负面，原因是 “第一季度的赎回请求显著高于同行，” 穆迪 表示。</p>
<p>上周，有报道称 Blue Owl Capital 在其 两个基金 中将赎回限制在 5%，因为投资者分别请求从其私募信贷和科技专注基金中撤回 22% 和 41% 的资金。</p>
<p>该公司将上述高于平均水平的请求数量归因于 “市场对与人工智能相关的对软件公司干扰的担忧加剧。”</p>
<p>“我们继续观察到，关于私募信贷的公共讨论与我们投资组合中的基本趋势之间存在显著脱节，” Blue Owl 在致股东的信中写道，并被 CNBC 报道。</p>
<p>穆迪指出，尽管 Blue Owl 在第一季度保持了净流出控制，但他们预计 “未来几个季度将持续出现高水平的赎回，流入量将从已经减少的水平放缓。”</p>
<p>穆迪此前在 1 月份将该基金的评级上调至 Baa2，但高额赎回导致其位置变弱。</p>
<p>“如果净流动趋势改善，我们对股东集中度的信心增强；资产质量表现持续良好，支持盈利表现；公司保持低于同行的杠杆水平且流动性强；资产担保比例维持在 30% 以下，我们可以将 OCIC 的前景恢复为稳定，” 穆迪在评级行动中表示。</p>
<p>在 2 月份，德意志银行将 Blue Owl Capital 的评级从买入下调至持有，并将其目标价从 15 美元下调至 10 美元。</p>
<p>其他公司如 <strong>摩根士丹利</strong> (NYSE: MS)、<strong>摩根大通</strong> (NYSE: JPM) 和 <strong>贝莱德</strong> (NYSE: BLK) 在最近几周私募信贷市场压力加大的情况下也限制了赎回。</p>
<p>与此同时，<strong>Oaktree Capital Management</strong> 选择完全满足所有赎回请求，代表其私募信贷基金第一季度的 8.5%。</p>
<p>国会正在向主要私募股权公司——包括 <strong>Apollo Global Management、KKR &amp; Co.、Carlyle Group、BlackRock</strong> 和 <strong>Blue Owl Capital</strong>——施压，要求其详细披露 其私募信贷业务。</p>
<p><strong>美联储主席杰罗姆·鲍威尔</strong> 在哈佛大学的一次讲话中指出，私募信贷领域的动荡并不表明对金融系统的更广泛风险。</p>
<p>鲍威尔 补充道，价值 3 万亿美元的私募信贷行业是资产池中的 “相对小部分”，美联储正在 “非常仔细地” 关注这一领域，MSN报道。</p>
<p>摩根大通首席执行官兼董事长杰米·戴蒙警告称，下一个经济衰退可能会 暴露出较弱的贷款人——尽管监管机构表示，后果不太可能威胁到更广泛的金融系统。</p>
<p>在大局上，私募信贷可能并不构成系统性风险，戴蒙继续说道。</p>
<p><em>照片：T. Schneider via Shutterstock</em></p>

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穆迪

<p>穆迪评级已将 Blue Owl Capital 的旗舰私人信贷基金评级下调至负面，原因是赎回请求增加，达到 22% 和 41%。该公司在市场对人工智能干扰的担忧中将赎回限制在 5%。尽管之前已上调该基金的评级，穆迪预计赎回将持续高企。其他公司也限制了赎回，因为私人信贷市场面临压力。美联储主席杰罗姆·鲍威尔表示，私人信贷领域的动荡并未对金融系统构成系统性风险</p>

<p>Moody's Ratings has revised <strong>Blue Owl Capital's (NYSE: OWL)</strong> flagship private credit fund rating to negative, a sign of continued strain on the private credit space.</p>
<div class="lb-trans"><p>穆迪评级已将 <strong>Blue Owl Capital 的 (NYSE: OWL)</strong> 旗舰私募信贷基金的评级下调至负面，显示出私募信贷领域持续承压的迹象。</p>
</div><p>The firm cut Blue Owl Credit Income Corp's (OCIC) rating to negative from stable in response to &#34;significantly higher-than-peer redemption requests in the first quarter,&#34; Moody's stated.</p>
<div class="lb-trans"><p>该公司将 Blue Owl Credit Income Corp（OCIC）的评级从稳定下调至负面，原因是 “第一季度的赎回请求显著高于同行，” 穆迪 表示。</p>
</div><p>Last week, it was reported that Blue Owl Capital capped redemptions in both its funds at 5% after investors requested withdrawals of 22% and 41% in its private credit and technology-focused funds, respectively.</p>
<div class="lb-trans"><p>上周，有报道称 Blue Owl Capital 在其 两个基金 中将赎回限制在 5%，因为投资者分别请求从其私募信贷和科技专注基金中撤回 22% 和 41% 的资金。</p>
</div><p>The firm attributed the above-average number of requests to “heightened market concerns around AI-related disruption to software companies.”</p>
<div class="lb-trans"><p>该公司将上述高于平均水平的请求数量归因于 “市场对与人工智能相关的对软件公司干扰的担忧加剧。”</p>
</div><p>“We continue to observe a meaningful disconnect between the public dialogue on private credit and the underlying trends in our portfolio,” Blue Owl wrote in a letter to shareholders and reported by CNBC.</p>
<div class="lb-trans"><p>“我们继续观察到，关于私募信贷的公共讨论与我们投资组合中的基本趋势之间存在显著脱节，” Blue Owl 在致股东的信中写道，并被 CNBC 报道。</p>
</div><p>Moody's noted that while Blue Owl kept net outflows contained during the first quarter, they expect to see &#34;elevated redemptions to persist in the coming quarters with inflows slowing from already reduced levels.&#34;</p>
<div class="lb-trans"><p>穆迪指出，尽管 Blue Owl 在第一季度保持了净流出控制，但他们预计 “未来几个季度将持续出现高水平的赎回，流入量将从已经减少的水平放缓。”</p>
</div><p>Moody's previously upgraded the fund to a Baa2 rating in January, but high redemptions have led to a weaker position.</p>
<div class="lb-trans"><p>穆迪此前在 1 月份将该基金的评级上调至 Baa2，但高额赎回导致其位置变弱。</p>
</div><p>&#34;We could return OCIC’s outlook to stable if net-flow trends improve and we gain greater comfort around shareholder concentrations; asset quality performance continues to be solid, supporting earnings performance; the company maintains below-peer leverage with strong liquidity; and secured to assets is sustained below 30%,&#34; Moody's stated in the rating action.</p>
<div class="lb-trans"><p>“如果净流动趋势改善，我们对股东集中度的信心增强；资产质量表现持续良好，支持盈利表现；公司保持低于同行的杠杆水平且流动性强；资产担保比例维持在 30% 以下，我们可以将 OCIC 的前景恢复为稳定，” 穆迪在评级行动中表示。</p>
</div><p>In February, Deutsche Bank downgraded Blue Owl Capital from buy to hold and cut its price target from $15 to $10.</p>
<div class="lb-trans"><p>在 2 月份，德意志银行将 Blue Owl Capital 的评级从买入下调至持有，并将其目标价从 15 美元下调至 10 美元。</p>
</div><p>Other firms such as <strong>Morgan Stanley</strong> (NYSE: MS), <strong>JPMorgan Chase</strong> (NYSE: JPM) and <strong>BlackRock</strong> (NYSE: BLK) have capped redemptions as the private credit market has come under growing pressure in recent weeks.</p>
<div class="lb-trans"><p>其他公司如 <strong>摩根士丹利</strong> (NYSE: MS)、<strong>摩根大通</strong> (NYSE: JPM) 和 <strong>贝莱德</strong> (NYSE: BLK) 在最近几周私募信贷市场压力加大的情况下也限制了赎回。</p>
</div><p>Meanwhile, <strong>Oaktree Capital Management</strong> elected to fully satisfy all redemption requests, representing 8.5% in its private credit fund for the first quarter.</p>
<div class="lb-trans"><p>与此同时，<strong>Oaktree Capital Management</strong> 选择完全满足所有赎回请求，代表其私募信贷基金第一季度的 8.5%。</p>
</div><p>Congress is pressing major private equity firms — including <strong>Apollo Global Management, KKR &amp; Co., Carlyle Group, BlackRock</strong> and <strong>Blue Owl Capital</strong>— for detailed disclosures on their private credit operations.</p>
<div class="lb-trans"><p>国会正在向主要私募股权公司——包括 <strong>Apollo Global Management、KKR &amp; Co.、Carlyle Group、BlackRock</strong> 和 <strong>Blue Owl Capital</strong>——施压，要求其详细披露 其私募信贷业务。</p>
</div><p><strong>Federal Reserve Chair Jerome Powell</strong> noted during a talk at Harvard University that the turbulence in the private credit sector is not indicative of a broader risk to the financial system.</p>
<div class="lb-trans"><p><strong>美联储主席杰罗姆·鲍威尔</strong> 在哈佛大学的一次讲话中指出，私募信贷领域的动荡并不表明对金融系统的更广泛风险。</p>
</div><p>Powell added that the $3 trillion private credit industry is a &#34;relatively small slice” of the asset pool and is something that the Fed is watching “super carefully,” MSN reported.</p>
<div class="lb-trans"><p>鲍威尔 补充道，价值 3 万亿美元的私募信贷行业是资产池中的 “相对小部分”，美联储正在 “非常仔细地” 关注这一领域，MSN报道。</p>
</div><p>JPMorgan CEO and chairman Jamie Dimon is warning that the next downturn could e xpose weaker lenders—though regulators say the fallout is unlikely to threaten the broader financial system.</p>
<div class="lb-trans"><p>摩根大通首席执行官兼董事长杰米·戴蒙警告称，下一个经济衰退可能会 暴露出较弱的贷款人——尽管监管机构表示，后果不太可能威胁到更广泛的金融系统。</p>
</div><p>In the grand scheme of things, private credit probably does not present a systemic risk, Dimon continued.</p>
<div class="lb-trans"><p>在大局上，私募信贷可能并不构成系统性风险，戴蒙继续说道。</p>
</div><p><em>Photo: T. Schneider via Shutterstock</em></p>
<div class="lb-trans"><p><em>照片：T. Schneider via Shutterstock</em></p>
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Moody's Clips Blue Owl's Wings, Slashes Rating To Negative Amid Rising Redemptions

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穆迪削弱了 Blue Owl 的实力，并在赎回增加的背景下将其评级下调至负面