Researchers at Morningstar say the decision of an influential advisory firm to cut its rating will spook investors and could “spill over” to other funds.

Researchers at Morningstar say the decision of an influential advisory firm to cut its rating will spook investors and could “spill over” to other funds.

Leaked documents show that the private credit fund had advertised the investment opportunity as “de-risked” shortly before the facility became troubled.