Moody's Investors Service has published its first public rating on an individual hedge fund's risk. A fund run by New York-based Sorin Capital Management, with $335 million in assets under management, has been assigned a rating that places it near the highest category of Moody's new ranking system. Moody's rating does not relate to hedge fund's debt nor its return, but rather it assesses operational risk, from its back-office systems to the controls it has in place to avoid experiencing sudden losses. Moody's also conducts background checks on managers.