{"id":2742,"date":"2026-04-07T00:02:05","date_gmt":"2026-04-06T17:02:05","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/moodys-ha-bac-tin-dung-quy-kkr-chuong-bao-dong-nao-cho-tin-dung-tu-nhan-va-suc-khoe-thi-truong-chung\/"},"modified":"2026-04-07T00:02:05","modified_gmt":"2026-04-06T17:02:05","slug":"moodys-ha-bac-tin-dung-quy-kkr-chuong-bao-dong-nao-cho-tin-dung-tu-nhan-va-suc-khoe-thi-truong-chung","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/moodys-ha-bac-tin-dung-quy-kkr-chuong-bao-dong-nao-cho-tin-dung-tu-nhan-va-suc-khoe-thi-truong-chung\/","title":{"rendered":"Moody’s H\u1ea1 B\u1eadc T\u00edn D\u1ee5ng Qu\u1ef9 KKR: Chu\u00f4ng B\u00e1o \u0110\u1ed9ng N\u00e0o Cho T\u00edn D\u1ee5ng T\u01b0 Nh\u00e2n v\u00e0 S\u1ee9c Kh\u1ecfe Th\u1ecb Tr\u01b0\u1eddng Chung?"},"content":{"rendered":"
\n

Quy\u1ebft \u0111\u1ecbnh m\u1edbi nh\u1ea5t c\u1ee7a Moody’s Ratings v\u1ec1 vi\u1ec7c h\u1ea1 c\u1ea5p qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n FS KKR Capital Corp (FSK) xu\u1ed1ng m\u1ee9c “r\u00e1c” kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t tin x\u1ea5u ri\u00eang cho KKR m\u00e0 c\u00f2n ph\u00e1t \u0111i t\u00edn hi\u1ec7u c\u1ea3nh b\u00e1o r\u00f5 r\u00e0ng v\u1ec1 nh\u1eefng r\u1ea1n n\u1ee9t \u0111ang h\u00ecnh th\u00e0nh trong th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, ti\u1ec1m \u1ea9n nguy c\u01a1 lan r\u1ed9ng ra th\u1ecb tr\u01b0\u1eddng chung<\/a>. V\u1edbi danh m\u1ee5c cho vay h\u00e0ng t\u1ef7 USD cho c\u00e1c doanh nghi\u1ec7p c\u1ee1 v\u1eeba t\u1ea1i M\u1ef9, s\u1ed1 ph\u1eadn c\u1ee7a FSK \u0111ang tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m ch\u00fa \u00fd, ph\u01a1i b\u00e0y nh\u1eefng r\u1ee7i ro t\u00edch t\u1ee5 t\u1eeb m\u1ed9t th\u1eadp k\u1ef7 t\u0103ng tr\u01b0\u1edfng b\u00f9ng n\u1ed5 c\u1ee7a m\u1ea3ng t\u00e0i s\u1ea3n n\u00e0y.<\/p>\n

\"tin<\/p>\n

C\u00fa \u0110\u00e1nh H\u1ea1 C\u1ea5p: FSK R\u01a1i V\u00e0o V\u00f9ng “R\u00e1c”<\/strong><\/p>\n

Moody’s \u0111\u00e3 h\u1ea1 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 l\u00e3nh th\u1ed5 “phi \u0111\u1ea7u t\u01b0” hay c\u00f2n g\u1ecdi l\u00e0 “r\u00e1c”. Nguy\u00ean nh\u00e2n ch\u00ednh \u0111\u01b0\u1ee3c Moody’s n\u00eau ra l\u00e0 “ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n c\u1ee7a qu\u1ef9 \u0111\u00e3 x\u1ea5u \u0111i nhi\u1ec1u h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7”. C\u1ee5 th\u1ec3, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u (non-accrual loans) \u2013 c\u00e1c kho\u1ea3n vay m\u00e0 ng\u01b0\u1eddi \u0111i vay \u0111\u00e3 ng\u1eebng thanh to\u00e1n \u2013 \u0111\u00e3 t\u0103ng l\u00ean m\u1ee9c \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng 5,5%<\/strong> tr\u00ean t\u1ed5ng s\u1ed1 v\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o cu\u1ed1i n\u0103m 2025. \u0110\u00e2y l\u00e0 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

B\u00e1o c\u00e1o c\u1ee7a Moody’s nh\u1ea5n m\u1ea1nh: “Vi\u1ec7c h\u1ea1 c\u1ea5p ph\u1ea3n \u00e1nh nh\u1eefng th\u00e1ch th\u1ee9c v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n k\u00e9o d\u00e0i c\u1ee7a FSK, d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn y\u1ebfu h\u01a1n v\u00e0 x\u00f3i m\u00f2n gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng l\u1edbn h\u01a1n theo th\u1eddi gian so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 BDC.” H\u1ec7 qu\u1ea3 l\u00e0 c\u1ed5 phi\u1ebfu FSK \u0111\u00e3 gi\u1ea3m 4%<\/strong> trong phi\u00ean giao d\u1ecbch s\u00e1ng th\u1ee9 Ba v\u00e0 \u0111\u00e3 gi\u1ea3m h\u01a1n 30%<\/strong> t\u00ednh t\u1eeb \u0111\u1ea7u n\u0103m.<\/p>\n

D\u1ea5u Hi\u1ec7u B\u1ea5t An Lan R\u1ed9ng Trong Th\u1ecb Tr\u01b0\u1eddng T\u00edn D\u1ee5ng T\u01b0 Nh\u00e2n<\/strong><\/p>\n

\u0110\u1ed9ng th\u00e1i c\u1ee7a Moody’s kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t tr\u01b0\u1eddng h\u1ee3p c\u00e1 bi\u1ec7t m\u00e0 c\u00f2n l\u00e0 h\u1ed3i chu\u00f4ng c\u1ea3nh b\u00e1o m\u1edbi nh\u1ea5t v\u1ec1 nh\u1eefng kh\u00f3 kh\u0103n ti\u1ec1m \u1ea9n trong th\u1ebf gi\u1edbi t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111\u00e3 v\u00e0 \u0111ang \u1ed3 \u1ea1t r\u00fat v\u1ed1n kh\u1ecfi c\u00e1c qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, v\u1ea5p ph\u1ea3i nh\u1eefng r\u00e0o c\u1ea3n r\u00fat ti\u1ec1n (redemption gates) 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 nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n l\u1edbn t\u1eeb Blackstone \u0111\u1ebfn Blue Owl \u0111\u1ec1u ph\u1ea3i \u0111\u1ed1i m\u1eb7t 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. \u0110\u00e2y \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t b\u01b0\u1edbc ngo\u1eb7t ti\u1ec1m n\u0103ng \u0111\u1ed1i v\u1edbi m\u1ed9t danh m\u1ee5c t\u00e0i s\u1ea3n \u0111\u00e3 ch\u1ee9ng ki\u1ebfn s\u1ef1 t\u0103ng tr\u01b0\u1edfng b\u00f9ng n\u1ed5 trong th\u1eadp k\u1ef7 qua.<\/p>\n

FSK, m\u1ed9t qu\u1ef9 ho\u1ea1t \u0111\u1ed9ng ch\u1ee7 y\u1ebfu trong th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n M\u1ef9, chuy\u00ean cho vay c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n c\u1ee1 v\u1eeba, \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. Vi\u1ec7c c\u00e1c qu\u1ef9 nh\u01b0 FSK ph\u00e1t h\u00e0nh n\u1ee3 \u0111\u1ec3 “t\u0103ng c\u01b0\u1eddng” l\u1ee3i nhu\u1eadn \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c vi\u1ec7c h\u1ea1 c\u1ea5p t\u00edn d\u1ee5ng t\u1eeb Moody’s c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed \u0111i vay v\u00e0 do \u0111\u00f3, l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn trong t\u01b0\u01a1ng lai.<\/p>\n

Nh\u1eefng G\u00f3c Khu\u1ea5t R\u1ee7i Ro v\u00e0 B\u1ee9c Tranh T\u00e0i Ch\u00ednh Y\u1ebfu K\u00e9m<\/strong><\/p>\n

Moody’s c\u0169ng ch\u1ec9 ra c\u00e1c kh\u00eda c\u1ea1nh kh\u00e1c c\u1ee7a qu\u1ef9 FSK c\u00f3 th\u1ec3 khi\u1ebfn qu\u1ef9 n\u00e0y ch\u1ecbu t\u1ed5n th\u1ea5t l\u1edbn h\u01a1n theo th\u1eddi gian, bao g\u1ed3m \u0111\u00f2n b\u1ea9y cao h\u01a1n, t\u1ef7 l\u1ec7 kho\u1ea3n vay thanh to\u00e1n b\u1eb1ng hi\u1ec7n v\u1eadt (payment-in-kind loans) cao h\u01a1n, v\u00e0 t\u1ef7 l\u1ec7 kho\u1ea3n vay c\u00f3 b\u1ea3o \u0111\u1ea3m \u01b0u ti\u00ean (first-lien loans) th\u1ea5p h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y FSK \u0111ang g\u00e1nh v\u00e1c nhi\u1ec1u r\u1ee7i ro h\u01a1n trong c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n

V\u1ec1 hi\u1ec7u su\u1ea5t t\u00e0i ch\u00ednh, FSK \u0111\u00e3 b\u00e1o c\u00e1o kho\u1ea3n l\u1ed7 r\u00f2ng 114 tri\u1ec7u USD<\/strong> trong qu\u00fd IV v\u00e0 ch\u1ec9 \u0111\u1ea1t 11 tri\u1ec7u USD<\/strong> thu nh\u1eadp r\u00f2ng cho c\u1ea3 n\u0103m 2025. Danh m\u1ee5c cho vay l\u1edbn nh\u1ea5t c\u1ee7a qu\u1ef9 l\u00e0 ph\u1ea7n m\u1ec1m v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 li\u00ean quan, chi\u1ebfm 16,4%<\/strong> t\u1ed5ng m\u1ee9c \u0111\u1ed9 r\u1ee7i ro v\u00e0o cu\u1ed1i n\u0103m. S\u1ef1 t\u1eadp trung n\u00e0y c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t \u0111i\u1ec3m y\u1ebfu khi ng\u00e0nh c\u00f4ng ngh\u1ec7 \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c kinh t\u1ebf v\u0129 m\u00f4.<\/p>\n

\u0110\u1ea1i di\u1ec7n c\u1ee7a FSK kh\u1eb3ng \u0111\u1ecbnh v\u1edbi CNBC r\u1eb1ng “FSK v\u1eabn c\u00f3 v\u1ecb th\u1ebf t\u1ed1t b\u1ea5t ch\u1ea5p quy\u1ebft \u0111\u1ecbnh n\u00e0y,” v\u00e0 “c\u00f3 c\u1ea5u tr\u00fac n\u1ee3 v\u1eefng ch\u1eafc, ph\u00e2n b\u1ed5 t\u1ed1t v\u1edbi kh\u00f4ng c\u00f3 kho\u1ea3n \u0111\u00e1o h\u1ea1n kh\u00f4ng c\u00f3 b\u1ea3o \u0111\u1ea3m n\u00e0o v\u00e0o n\u0103m 2026 v\u00e0 c\u00e1c kho\u1ea3n \u0111\u00e1o h\u1ea1n ng\u1eafn h\u1ea1n h\u1ea1n ch\u1ebf.” Tuy nhi\u00ean, nh\u1eefng bi\u1ec7n h\u1ed9 n\u00e0y kh\u00f3 l\u00f2ng xoa d\u1ecbu \u0111\u01b0\u1ee3c nh\u1eefng lo ng\u1ea1i v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi \u0111ang suy gi\u1ea3m.<\/p>\n

K\u1ebft Lu\u1eadn: C\u1ea7n Th\u1eadn Tr\u1ecdng V\u1edbi “Bong B\u00f3ng” T\u00edn D\u1ee5ng T\u01b0 Nh\u00e2n<\/strong><\/p>\n

Vi\u1ec7c Moody’s h\u1ea1 c\u1ea5p FSK l\u00e0 m\u1ed9t l\u1eddi nh\u1eafc nh\u1edf s\u1eafc l\u1ea1nh r\u1eb1ng ngay c\u1ea3 nh\u1eefng qu\u1ef9 l\u1edbn v\u00e0 c\u00f3 ti\u1ebfng trong l\u0129nh v\u1ef1c t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n c\u0169ng kh\u00f4ng mi\u1ec5n nhi\u1ec5m v\u1edbi r\u1ee7i ro khi \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf thay \u0111\u1ed5i. \u0110\u1ed1i v\u1edbi gi\u1edbi \u0111\u1ea7u t\u01b0 Ph\u1ed1 Wall, \u0111\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 c\u00e2u chuy\u1ec7n c\u1ee7a m\u1ed9t qu\u1ef9 \u0111\u01a1n l\u1ebb m\u00e0 c\u00f2n l\u00e0 d\u1ea5u hi\u1ec7u cho th\u1ea5y m\u1ed9t chu k\u1ef3 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi th\u1eed th\u00e1ch nghi\u00eam tr\u1ecdng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n h\u1ebft s\u1ee9c th\u1eadn tr\u1ecdng, \u0111\u00e1nh gi\u00e1 l\u1ea1i r\u1ee7i ro trong danh m\u1ee5c c\u1ee7a m\u00ecnh v\u00e0 theo d\u00f5i s\u00e1t sao nh\u1eefng di\u1ec5n bi\u1ebfn ti\u1ebfp theo, b\u1edfi s\u1ef1 chao \u0111\u1ea3o c\u1ee7a m\u1ed9t m\u1ea3ng l\u1edbn nh\u01b0 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n c\u00f3 th\u1ec3 t\u1ea1o ra nh\u1eefng l\u00e0n s\u00f3ng lan t\u1ecfa \u0111\u1ebfn to\u00e0n b\u1ed9 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/p>\n

Bi\u00ean t\u1eadp: Ph\u1ed1 Wall (Theo ngu\u1ed3n g\u1ed1c)<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Quy\u1ebft \u0111\u1ecbnh m\u1edbi nh\u1ea5t c\u1ee7a Moody’s Ratings v\u1ec1 vi\u1ec7c h\u1ea1 c\u1ea5p qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n FS KKR Capital Corp (FSK) xu\u1ed1ng m\u1ee9c “r\u00e1c” kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t tin x\u1ea5u ri\u00eang cho KKR m\u00e0 c\u00f2n ph\u00e1t \u0111i t\u00edn hi\u1ec7u c\u1ea3nh b\u00e1o r\u00f5 r\u00e0ng v\u1ec1 nh\u1eefng r\u1ea1n n\u1ee9t \u0111ang h\u00ecnh th\u00e0nh trong th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng […]<\/p>\n","protected":false},"author":1,"featured_media":2740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-2742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thi-truong-chung-khoan"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2742","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=2742"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2740"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}