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Insurers became the lending market. The rating underneath it is now being tested

Private credit is 35 per cent of US life insurers’ invested assets. Since January US regulators can override the ratings those assets carry — and tax authorities arrived at the same test from the other direction.

12 Oct 2026

Illustrative Implied Credit Ratings

Credit ratings are more complex than they seem — and can vary widely depending on the method, distorting the decisions that rely on them.

See something that speaks to what you’re working through? That’s a conversation worth having.