<p>穆迪評級已將 <strong>Blue Owl Capital 的 (NYSE: OWL)</strong> 旗艦私募信貸基金的評級下調至負面，顯示出私募信貸領域持續承壓的跡象。</p>
<p>該公司將 Blue Owl Credit Income Corp（OCIC）的評級從穩定下調至負面，原因是 “第一季度的贖回請求顯著高於同行，” 穆迪 表示。</p>
<p>上週，有報道稱 Blue Owl Capital 在其 兩個基金 中將贖回限制在 5%，因為投資者分別請求從其私募信貸和科技專注基金中撤回 22% 和 41% 的資金。</p>
<p>該公司將上述高於平均水平的請求數量歸因於 “市場對與人工智能相關的對軟件公司干擾的擔憂加劇。”</p>
<p>“我們繼續觀察到，關於私募信貸的公共討論與我們投資組合中的基本趨勢之間存在顯著脱節，” Blue Owl 在致股東的信中寫道，並被 CNBC 報道。</p>
<p>穆迪指出，儘管 Blue Owl 在第一季度保持了淨流出控制，但他們預計 “未來幾個季度將持續出現高水平的贖回，流入量將從已經減少的水平放緩。”</p>
<p>穆迪此前在 1 月份將該基金的評級上調至 Baa2，但高額贖回導致其位置變弱。</p>
<p>“如果淨流動趨勢改善，我們對股東集中度的信心增強；資產質量表現持續良好，支持盈利表現；公司保持低於同行的槓桿水平且流動性強；資產擔保比例維持在 30% 以下，我們可以將 OCIC 的前景恢復為穩定，” 穆迪在評級行動中表示。</p>
<p>在 2 月份，德意志銀行將 Blue Owl Capital 的評級從買入下調至持有，並將其目標價從 15 美元下調至 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>貝萊德</strong> (NYSE: BLK) 在最近幾周私募信貸市場壓力加大的情況下也限制了贖回。</p>
<p>與此同時，<strong>Oaktree Capital Management</strong> 選擇完全滿足所有贖回請求，代表其私募信貸基金第一季度的 8.5%。</p>
<p>國會正在向主要私募股權公司——包括 <strong>Apollo Global Management、KKR &amp; Co.、Carlyle Group、BlackRock</strong> 和 <strong>Blue Owl Capital</strong>——施壓，要求其詳細披露 其私募信貸業務。</p>
<p><strong>美聯儲主席傑羅姆·鮑威爾</strong> 在哈佛大學的一次講話中指出，私募信貸領域的動盪並不表明對金融系統的更廣泛風險。</p>
<p>鮑威爾 補充道，價值 3 萬億美元的私募信貸行業是資產池中的 “相對小部分”，美聯儲正在 “非常仔細地” 關注這一領域，MSN報道。</p>
<p>摩根大通首席執行官兼董事長傑米·戴蒙警告稱，下一個經濟衰退可能會 暴露出較弱的貸款人——儘管監管機構表示，後果不太可能威脅到更廣泛的金融系統。</p>
<p>在大局上，私募信貸可能並不構成系統性風險，戴蒙繼續説道。</p>
<p><em>照片：T. Schneider via Shutterstock</em></p>

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穆迪

<p>穆迪評級已將 Blue Owl Capital 的旗艦私人信貸基金評級下調至負面，原因是贖回請求增加，達到 22% 和 41%。該公司在市場對人工智能干擾的擔憂中將贖回限制在 5%。儘管之前已上調該基金的評級，穆迪預計贖回將持續高企。其他公司也限制了贖回，因為私人信貸市場面臨壓力。美聯儲主席傑羅姆·鮑威爾表示，私人信貸領域的動盪並未對金融系統構成系統性風險</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>穆迪評級已將 <strong>Blue Owl Capital 的 (NYSE: OWL)</strong> 旗艦私募信貸基金的評級下調至負面，顯示出私募信貸領域持續承壓的跡象。</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>該公司將 Blue Owl Credit Income Corp（OCIC）的評級從穩定下調至負面，原因是 “第一季度的贖回請求顯著高於同行，” 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>上週，有報道稱 Blue Owl Capital 在其 兩個基金 中將贖回限制在 5%，因為投資者分別請求從其私募信貸和科技專注基金中撤回 22% 和 41% 的資金。</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>該公司將上述高於平均水平的請求數量歸因於 “市場對與人工智能相關的對軟件公司干擾的擔憂加劇。”</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>“我們繼續觀察到，關於私募信貸的公共討論與我們投資組合中的基本趨勢之間存在顯著脱節，” Blue Owl 在致股東的信中寫道，並被 CNBC 報道。</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，儘管 Blue Owl 在第一季度保持了淨流出控制，但他們預計 “未來幾個季度將持續出現高水平的贖回，流入量將從已經減少的水平放緩。”</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 月份將該基金的評級上調至 Baa2，但高額贖回導致其位置變弱。</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>“如果淨流動趨勢改善，我們對股東集中度的信心增強；資產質量表現持續良好，支持盈利表現；公司保持低於同行的槓桿水平且流動性強；資產擔保比例維持在 30% 以下，我們可以將 OCIC 的前景恢復為穩定，” 穆迪在評級行動中表示。</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，德意志銀行將 Blue Owl Capital 的評級從買入下調至持有，並將其目標價從 15 美元下調至 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>貝萊德</strong> (NYSE: BLK) 在最近幾周私募信貸市場壓力加大的情況下也限制了贖回。</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>與此同時，<strong>Oaktree Capital Management</strong> 選擇完全滿足所有贖回請求，代表其私募信貸基金第一季度的 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>國會正在向主要私募股權公司——包括 <strong>Apollo Global Management、KKR &amp; Co.、Carlyle Group、BlackRock</strong> 和 <strong>Blue Owl Capital</strong>——施壓，要求其詳細披露 其私募信貸業務。</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>美聯儲主席傑羅姆·鮑威爾</strong> 在哈佛大學的一次講話中指出，私募信貸領域的動盪並不表明對金融系統的更廣泛風險。</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>鮑威爾 補充道，價值 3 萬億美元的私募信貸行業是資產池中的 “相對小部分”，美聯儲正在 “非常仔細地” 關注這一領域，MSN報道。</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>摩根大通首席執行官兼董事長傑米·戴蒙警告稱，下一個經濟衰退可能會 暴露出較弱的貸款人——儘管監管機構表示，後果不太可能威脅到更廣泛的金融系統。</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，私募信貸可能並不構成系統性風險，戴蒙繼續説道。</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 的實力，並在贖回增加的背景下將其評級下調至負面