Kroll Bond Rating Agency (KBRA) has challenged the conclusions of a recent Columbia Business School paper that raised concerns about the growing use of private ratings in US life insurers’ portfolios, arguing that the study overstates both the scale of the issue and its implications for regulatory capital adequacy.
In a research note published on 9 June, titled ‘Private Credit: Much Ado About Nothing – Perspectives on Columbia Business School Paper About Private Ratings’, KBRA said the academic...
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