此次评级展望下调，主要源于这两只被称为商业发展公司的基金所投资的私人企业贷款违约率持续攀升。数据显示，黑石旗下规模达790亿美元的Bcred基金，其贷款违约比率从上季度的0.6%大幅跃升至4.7%；与此同时，Golub Capital BDC的违约比率也从1.3%几乎翻倍，升至2.3%。穆迪指出，Bcred基金中约有7%的正常履约贷款已被标记为低于面值的90美分，这预示着未来可能出现更多的潜在违约。
对软件行业未来潜在损失的担忧，已促使部分基金的投资者以创纪录的数量申请赎回资金，这给基金管理人带来了更大压力，迫使他们要么增加借款，要么出售贷款以应对赎回。值得注意的是，投资者可以从Bcred基金中撤资，但无法从公开上市的Golub Capital BDC中赎回。
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