Moody’s has ripped off the fig leaf: borrowers in U.S. private credit are avoiding defaults by deferring interest payments and extending loan maturities, perfectly “hiding” the real credit stress.
In plain English—the bomb hasn’t gone off, not because there’s no bomb, but because someone’s holding down the fuse. If this hidden leverage unwinds all at once, nobody holding risk assets will be able to get out unscathed.
$BTC
In plain English—the bomb hasn’t gone off, not because there’s no bomb, but because someone’s holding down the fuse. If this hidden leverage unwinds all at once, nobody holding risk assets will be able to get out unscathed.
$BTC