Egan-Jones Ratings, a company that issues credit ratings, primarily on senior unsecured debt, is interested in offering a ratings system for mutual funds, The Wall Street Journal reports.But unlike Morningstar’s star-rating system, Egan Jones would consider other variables beyond performance, although the company declined to elaborate.

“We are exploring it, and we think we’ll offer something maybe by the first of the year,” said Steven Pruette, director of marketing for Egan-Jones, adding that he believes “there’s an interest in the market for this kind of material.

"We would like to have a more unique way of rating mutual funds than just performance," Pruette added.

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