Egan-Jones Private Credit Ratings Draw Scrutiny on Wall Street
A small ratings firm in suburban Philadelphia is raising concerns about hidden risks in a multi-trillion market
Welcome to Going Private, Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, a warning about private credit risks becoming systemic and Elon Musk’s fundraising spree. But first, we take you to the Philadelphia suburbs, where a prolific credit grader has become an outsize player in the multi-trillion private credit industry — Isabella Farr and Davide Scigliuzzo.
If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net
In 2024, a small ratings firm headquartered in a four-bedroom colonial just outside of Philadelphia, stamped ratings on more than 3,000 private credit deals — all with a team of just 20 analysts.