Leveraged loan investors are in an uproar over the fees they pay to obtain a credit estimate — a private rating on an individual loan — from Moody’s Investors Service.

Some claim Moody’s has deliberately refused to issue a public rating — one that the issuer pays for and everyone can use — in order to obtain higher fees by charging investors individually. Moreover, investors are furious because, they say, they have to pay the fee each time they place a loan in an additional investment vehicle.

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