Private credit ratings are purchased from small, unknown rating agencies with ~30 employees (including receptionists) that rate hundreds of loans with 200-250 page documents each, with no genuine analysis—effectively functioning as a price list where higher ratings cost more.
causalpending
Speaker
Jeff GundlachEvidence Quote
“A lot of these firms have 30 employees, including the receptionist. And yet they're they're rating hundreds and hundreds of of of loans, each one with a 200 or 250 page document. So, I don't think they're really rating them. I think what they're doing is giving them a price list. You know, if if you want a a triple C rating it costs you a dollar. If you If you want a single B rating it's going to cost you $10 etc., and they somehow find their way to getting a a triple B minus rating on it.”
Created: 8/12/2026, 6:25:56 PM
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