Moody’s assigns Sky B3 rating, citing capital and reserves under 1% of managed assets

Global credit ratings agency Moody’s assigned a B3 credit rating to DeFi protocol Sky (SKY), formerly MakerDAO, marking a speculative-grade rating with high credit risk. Moody’s said Sky manages about $10 billion to $11 billion in assets, while its equity capital and reserves total only about $90 million, putting the ratio at under 1% of assets under management. Most of Sky’s managed assets are used to support the stablecoins USDS and DAI. The rating also marks Moody’s first credit assessment of a stablecoin protocol.