Ratings agency Moody’s and index creator MSCI, whose tools support investment decisions, have agreed to set up a risk-assessment methodology for investors to gauge private-credit risks.

The initiative stems from what the companies see as a need for consistent standards and improved tools for private-credit investors, especially as the estimated $2.5 trillion market rapidly expands. That need has been highlighted by increasing corporate restructurings while a “wall of maturities” in short-term debt began to loom over the commercial property market last year.