The new ratings game

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Moody's takes the lead in big names, but Amber still leads the pack in number of funds rated

By Barry Cohen

Last September, Sorin Capital Management, at the time a $335 million hedge fund that invests in commercial mortgage and asset-backed securities, took an unusual step: It was the first hedge fund to sign up for an "operational rating" from Moody's Investors Service. Today Sorin, which got the top rating of "excellent" from Moody's, manages $1 billion in assets - growth that was no doubt aided by the rating agency's stamp of approval.



"A rating potentially