Moody's has assigned a B3 credit rating to Sky, signaling high credit risk despite a stable outlook. The rating agency highlighted significant leverage concerns, noting that the ecosystem held approximately $90 million in equity against $10 billion in managed assets as of September. This capital structure results in a thin loss buffer relative to the scale of assets under management. While the stable outlook suggests no immediate expectation of further deterioration, the B3 grade reflects substantial vulnerability to adverse market conditions given the limited equity cushion.