Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, July 18. In today's briefing, Juul's brush with bankruptcy ended with FDA approval of its products, an Sen. Elizabeth Warren is homing in on the booming private-credit market and the rating firms that score the industry’s products.

FDA authorizes Juul’s E-cigarettes after ban nearly bankrupted firm. U.S. regulators authorized Juul Labs to keep its e-cigarettes on the U.S. market, breathing new life into the vaping company after a 2022 federal ban pushed it to the brink of bankruptcy.

The decision removes Juul from the limbo it has been mired in since then, not knowing whether its products would be allowed to remain on store shelves. With clearance from the Food and Drug Administration, Juul could now raise money from outside investors or sell part or all of the company.

Senator Warren has a new target: Private credit. The Democrat from Massachusetts sent letters Thursday to agencies including S&P Global Ratings, Moody's Ratings and Fitch Ratings, asking for information about how they score the riskiness of private-credit products.

Lending to high-indebted companies by private-equity firms and other nonbanks has ballooned over the past decade, largely outside the reach of regulators. The Trump administration is expected to give the industry more fuel by helping open it up to retail investors, including with an executive order that could help make private-assets more available to 401(k) retirement plans.

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