The changes are focused on rating criteria for private student loans and will have a mixed impact on outstanding deals. Industry had raised concerns about the proposal, but Moody’s pushed forward.

S&P downgraded its ratings of a whole-business securitization from TGI Fridays, noting that cash flows are plummeting and the deal looks likely to default by early 2025.

Delinquencies are projected to increase across asset classes, though some sectors will be hit harder than others.