According to CoinMeta, Moody's has assigned a long-term counterparty risk rating of B3 to Sky Protocol, with a stable outlook. This rating is considered speculative, indicating a higher level of credit risk. Moody's disclosed that as of September 2026, Sky had approximately $90 million in tangible common equity, corresponding to $1 billion in tangible managed assets, with a capital ratio of around 0.9%. The low capital ratio is a major weakness in the rating. The rating agency also noted that Sky has a history of lower credit losses, stable profitability, and a relatively high proportion of liquid assets, but operational, governance, legal, and regulatory risks still constitute limitations to the rating. If losses exceed available capital, Sky will need to issue additional tokens and attempt to sell governance tokens; if the relevant mechanisms are insufficient, USDS and DAI will be downgraded. Moody's stated that if the capital ratio rises and is expected to remain above 2.5% of tangible managed assets, and other financial conditions remain stable, Sky may see an upgrade in its rating.