Moody's issues operational ratings for Fortress funds


Moody's Investors Service has completed operational quality ratings of two hedge funds managed by an affiliate of Fortress Investment Group, the New York-based alternative investments firm.

Moody's did not release the names of the funds rated, although detailed reports are available to accredited investors on the company's web site. Fortress, which manages $9.4 billion in hedge fund assets, has filed to go public and did not provide a comment by press time.

The ratings address internal and external aspects of a hedge fund's operations, including valuation process, service providers, accounting controls, regulatory compliance, risk reporting and control, legal