Moody's has taken the somewhat unusual step of issuing a "special comment" that takes a few jabs at the private equity industry. It raises some long-standing thorns. Though they take companies private, private equity-aligned executives do not really invest over a "longer term horizon" more than public companies. The report also noted its discomfort with the huge dividends some target companies are forced to pay to their private-equity owners. You have to wonder what the point of this report is. On the surface, it seems to be a warning to creditors. It may also signal a subtle shift in the way the rater sees debt issued to finance big deals. These are not new issues of course. Still, you can sense the unease filtering through the system. These issues will really rear their heads if rates spike. Stay tuned.

For more:
- here's an article from cfo.com