穆迪评级机构于周二将商业发展公司行业的展望从“稳定”下调至“负面”,主要原因是赎回压力持续攀升。
今年第一季度,投资者向商业发展公司提出的赎回请求金额接近140亿美元。这类私人信贷基金主要向信用评级多为垃圾级的公司提供贷款。
穆迪报告中重点提示了三大风险点:
部分商业发展公司管理人仅允许投资者赎回其申请金额的一部分,这可能导致赎回请求持续积压。
多数上市交易的商业发展公司当前股价低于其披露的资产净值,使得管理人通过增发股票融资变得异常困难。
较高的负债水平限制了管理人的资产调配灵活性。
据穆迪评级覆盖的商业发展公司数据显示,其管理资产总规模约达4000亿美元。
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