Senator Warren Demands Scrutiny of Private-Credit Market Ratings

Senator Elizabeth Warren has intensified her scrutiny of the private-credit market, sending letters to major ratings agencies—S&P Global, Moody’s, and Fitch—demanding transparency on their risk assessment methodologies. Warren drew parallels to the 2008 financial crisis, citing concerns that overly optimistic ratings could mask systemic risks. The agencies were asked to disclose how they manage conflicts of interest and whether private-credit products receive differentiated treatment.

Simultaneously, Warren pressed Treasury Secretary Scott Bessent to evaluate the market’s size and potential threats to U.S. financial stability. The move comes as the TRUMP administration considers easing retail investor access to private assets, including through 401(k) plans—a shift that could amplify market exposure.