{"id":2487,"date":"2026-04-04T18:50:54","date_gmt":"2026-04-04T18:50:54","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/04\/moodys-giang-cap-tin-nhiem-quy-fs-kkr-xuong-muc-rac-day-len-lo-ngai-ve-thi-truong-tin-dung-tu-nhan\/"},"modified":"2026-05-03T14:52:53","modified_gmt":"2026-05-03T07:52:53","slug":"moodys-giang-cap-tin-nhiem-quy-fs-kkr-xuong-muc-rac-day-len-lo-ngai-ve-thi-truong-tin-dung-tu-nhan","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/04\/moodys-giang-cap-tin-nhiem-quy-fs-kkr-xuong-muc-rac-day-len-lo-ngai-ve-thi-truong-tin-dung-tu-nhan\/","title":{"rendered":"Moody’s Gi\u00e1ng C\u1ea5p T\u00edn Nhi\u1ec7m Qu\u1ef9 FS KKR Xu\u1ed1ng M\u1ee9c “R\u00e1c”, D\u1ea5y L\u00ean Lo Ng\u1ea1i V\u1ec1 Th\u1ecb Tr\u01b0\u1eddng T\u00edn D\u1ee5ng T\u01b0 Nh\u00e2n"},"content":{"rendered":"
\n

Moody’s Ratings v\u1eeba ch\u00ednh th\u1ee9c gi\u00e1ng c\u1ea5p t\u00edn nhi\u1ec7m qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n do KKR v\u00e0 Future Standard \u0111i\u1ec1u h\u00e0nh xu\u1ed1ng m\u1ee9c “r\u00e1c” (junk), trong b\u1ed1i c\u1ea3nh n\u1ee3 x\u1ea5u gia t\u0103ng v\u00e0 k\u1ebft qu\u1ea3 kinh doanh y\u1ebfu k\u00e9m k\u00e9o d\u00e0i. \u0110\u1ed9ng th\u00e1i n\u00e0y ngay l\u1eadp t\u1ee9c g\u00e2y \u00e1p l\u1ef1c l\u00ean c\u1ed5 phi\u1ebfu v\u00e0 l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u c\u1ea3nh b\u00e1o cho to\u00e0n b\u1ed9 th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n tr\u1ecb gi\u00e1 h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la.<\/p>\n

\"tin<\/p>\n

C\u1ee5 th\u1ec3, t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng \u0111\u00e3 h\u1ea1 b\u1eadc x\u1ebfp h\u1ea1ng n\u1ee3 c\u1ee7a FS KKR Capital Corp (FSK) m\u1ed9t b\u1eadc, t\u1eeb Baa3 xu\u1ed1ng Ba1, ch\u00ednh th\u1ee9c \u0111\u1ea9y qu\u1ef9 n\u00e0y v\u00e0o v\u00f9ng kh\u00f4ng khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0. Moody’s cho r\u1eb1ng ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n c\u1ee7a qu\u1ef9 \u0111\u00e3 suy gi\u1ea3m nghi\u00eam tr\u1ecdng h\u01a1n so v\u1edbi c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh. Theo b\u00e1o c\u00e1o, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u (non-accrual loans) \u2013 c\u00e1c kho\u1ea3n vay m\u00e0 b\u00ean \u0111i vay \u0111\u00e3 ng\u1eebng thanh to\u00e1n \u2013 \u0111\u00e3 t\u0103ng l\u00ean 5,5% t\u1ed5ng gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 v\u00e0o cu\u1ed1i n\u0103m 2025, m\u1ed9t trong nh\u1eefng t\u1ef7 l\u1ec7 cao nh\u1ea5t trong s\u1ed1 c\u00e1c c\u00f4ng ty ph\u00e1t tri\u1ec3n kinh doanh (BDC) \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng.<\/p>\n

“Vi\u1ec7c h\u1ea1 b\u1eadc ph\u1ea3n \u00e1nh nh\u1eefng th\u00e1ch th\u1ee9c k\u00e9o d\u00e0i v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u1ee7a FSK, d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn y\u1ebfu h\u01a1n v\u00e0 s\u1ef1 x\u00f3i m\u00f2n gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng (NAV) l\u1edbn h\u01a1n theo th\u1eddi gian so v\u1edbi c\u00e1c BDC kh\u00e1c,” Moody’s nh\u1eadn \u0111\u1ecbnh. Ngay sau th\u00f4ng tin, c\u1ed5 phi\u1ebfu FSK \u0111\u00e3 gi\u1ea3m 4% trong phi\u00ean giao d\u1ecbch s\u00e1ng th\u1ee9 Ba v\u00e0 \u0111\u00e3 s\u1ee5t gi\u1ea3m h\u01a1n 30% trong n\u0103m nay.<\/p>\n

\u0110\u1ed9ng th\u00e1i c\u1ee7a Moody’s l\u00e0 d\u1ea5u hi\u1ec7u c\u0103ng th\u1eb3ng m\u1edbi nh\u1ea5t trong th\u1ebf gi\u1edbi t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb \u0111ang \u1ed3 \u1ea1t y\u00eau c\u1ea7u r\u00fat v\u1ed1n, ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c r\u00e0o c\u1ea3n h\u1ea1n ch\u1ebf r\u00fat ti\u1ec1n (gating) trong b\u1ed1i c\u1ea3nh lo ng\u1ea1i v\u1ec1 c\u00e1c kho\u1ea3n l\u1ed7 t\u00edn d\u1ee5ng s\u1eafp t\u1edbi, \u0111\u1eb7c bi\u1ec7t li\u00ean quan \u0111\u1ebfn c\u00e1c kho\u1ea3n vay trong l\u0129nh v\u1ef1c ph\u1ea7n m\u1ec1m. C\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n t\u1eeb Blackstone \u0111\u1ebfn Blue Owl c\u0169ng \u0111ang ph\u1ea3i v\u1eadt l\u1ed9n v\u1edbi c\u00e1c y\u00eau c\u1ea7u r\u00fat v\u1ed1n t\u0103ng cao \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n c\u1ee7a h\u1ecd, b\u00e1o hi\u1ec7u m\u1ed9t b\u01b0\u1edbc ngo\u1eb7t ti\u1ec1m t\u00e0ng cho m\u1ed9t l\u0129nh v\u1ef1c \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng b\u00f9ng n\u1ed5 trong th\u1eadp k\u1ef7 qua.<\/p>\n

FSK, chuy\u00ean cho vay c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n c\u1ee1 v\u1eeba t\u1ea1i Hoa K\u1ef3, \u0111\u00e3 tr\u1edf th\u00e0nh BDC giao d\u1ecbch c\u00f4ng khai l\u1edbn th\u1ee9 hai khi \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp th\u00f4ng qua s\u00e1p nh\u1eadp hai qu\u1ef9 ti\u1ec1n th\u00e2n v\u00e0o n\u0103m 2018. C\u00e1c qu\u1ef9 nh\u01b0 FSK th\u01b0\u1eddng ph\u00e1t h\u00e0nh n\u1ee3 \u0111\u1ec3 gia t\u0103ng l\u1ee3i nhu\u1eadn, do \u0111\u00f3 vi\u1ec7c b\u1ecb Moody’s gi\u00e1ng c\u1ea5p c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed vay v\u1ed1n v\u00e0 qua \u0111\u00f3 l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn trong t\u01b0\u01a1ng lai.<\/p>\n

Ph\u1ea3n h\u1ed3i v\u1ec1 quy\u1ebft \u0111\u1ecbnh n\u00e0y, m\u1ed9t ph\u00e1t ng\u00f4n vi\u00ean c\u1ee7a qu\u1ef9 n\u00f3i v\u1edbi CNBC qua email: “FSK v\u1eabn \u1edf v\u1ecb th\u1ebf t\u1ed1t b\u1ea5t ch\u1ea5p quy\u1ebft \u0111\u1ecbnh n\u00e0y. Qu\u1ef9 c\u00f3 m\u1ed9t c\u1ea5u tr\u00fac n\u1ee3 v\u1eefng ch\u1eafc, \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 h\u1ee3p l\u00fd theo th\u1eddi gian, kh\u00f4ng c\u00f3 kho\u1ea3n n\u1ee3 kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m n\u00e0o \u0111\u00e1o h\u1ea1n v\u00e0o n\u0103m 2026 v\u00e0 c\u00e1c kho\u1ea3n \u0111\u00e1o h\u1ea1n trong ng\u1eafn h\u1ea1n c\u0169ng r\u1ea5t h\u1ea1n ch\u1ebf, cho ph\u00e9p ch\u00fang t\u00f4i ti\u1ebfp t\u1ee5c h\u1ed7 tr\u1ee3 c\u00e1c c\u00f4ng ty trong danh m\u1ee5c v\u00e0 \u0111i\u1ec1u h\u01b0\u1edbng m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.”<\/p>\n

Tuy nhi\u00ean, Moody’s c\u0169ng ch\u1ec9 ra c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c c\u00f3 th\u1ec3 khi\u1ebfn qu\u1ef9 \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro thua l\u1ed7 l\u1edbn h\u01a1n theo th\u1eddi gian, bao g\u1ed3m \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh cao h\u01a1n, t\u1ef7 tr\u1ecdng l\u1edbn c\u00e1c kho\u1ea3n vay tr\u1ea3 l\u00e3i b\u1eb1ng hi\u1ec7n v\u1eadt (payment-in-kind), v\u00e0 t\u1ef7 l\u1ec7 c\u00e1c kho\u1ea3n vay \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m h\u1ea1ng nh\u1ea5t (first-lien) th\u1ea5p h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7. Theo Moody’s, FSK \u0111\u00e3 ghi nh\u1eadn kho\u1ea3n l\u1ed7 r\u00f2ng 114 tri\u1ec7u USD trong qu\u00fd IV v\u00e0 ch\u1ec9 \u0111\u1ea1t l\u1ee3i nhu\u1eadn r\u00f2ng 11 tri\u1ec7u USD cho c\u1ea3 n\u0103m 2025.<\/p>\n

\u0110\u00e1ng ch\u00fa \u00fd, danh m\u1ee5c cho vay l\u1edbn nh\u1ea5t c\u1ee7a qu\u1ef9 l\u00e0 d\u00e0nh cho ph\u1ea7n m\u1ec1m v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 li\u00ean quan, chi\u1ebfm 16,4% t\u1ed5ng danh m\u1ee5c v\u00e0o cu\u1ed1i n\u0103m, m\u1ed9t l\u0129nh v\u1ef1c \u0111ang \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng theo d\u00f5i ch\u1eb7t ch\u1ebd.<\/p>\n

Bi\u00ean t\u1eadp: Ph\u1ed1 Wall (Theo cnbc.com)<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Moody’s Ratings v\u1eeba ch\u00ednh th\u1ee9c gi\u00e1ng c\u1ea5p t\u00edn nhi\u1ec7m qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n do KKR v\u00e0 Future Standard \u0111i\u1ec1u h\u00e0nh xu\u1ed1ng m\u1ee9c “r\u00e1c” (junk), trong b\u1ed1i c\u1ea3nh n\u1ee3 x\u1ea5u gia t\u0103ng v\u00e0 k\u1ebft qu\u1ea3 kinh doanh y\u1ebfu k\u00e9m k\u00e9o d\u00e0i. \u0110\u1ed9ng th\u00e1i n\u00e0y ngay l\u1eadp t\u1ee9c g\u00e2y \u00e1p l\u1ef1c l\u00ean c\u1ed5 phi\u1ebfu v\u00e0 l\u00e0 […]<\/p>\n","protected":false},"author":1,"featured_media":2403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[39],"tags":[],"class_list":["post-2487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoang-my-va-pho-wall"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=2487"}],"version-history":[{"count":1,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2487\/revisions"}],"predecessor-version":[{"id":12152,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2487\/revisions\/12152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2403"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}