U.S. Private Credit Exposure Rising in Sectors with Stretched Valuations Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Direct lenders’ preference for non-cyclical, stable recurring cash flows has increased their exposure to corporate sectors with higher EV/EBITDA multiples, which could exacerbate credit risks in a…

U.S. Business Development Companies Outlook 2026 Click here to download report. Fitch Ratings has a ‘deteriorating’ sector outlook for U.S. business development companies (BDCs) in 2026, due to pressure on earnings and dividend coverage from declining interest rates and elevated payment-in-kind (PIK) income…. Subscribe to Read MoreAlready a member? Log in here...

U.S. Private Credit and Middle Market Performance Monitor: 3Q25 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio Overview, 3Q25 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...

Rapid US Non-Bank Loan Growth Raises Risk of Wider Losses for Banks Click here to learn more. U.S. regional banks’ recent losses tied to non-bank financial institutions (NBFIs) may signal broader risk from this fast-growing loan segment. While these cases may be fraud-related and idiosyncratic, rapid expansion of NBFI exposures increases the chance that concentrated…

U.S. Private Credit: Sizing Up Defaults Click here to download report. This report examines private credit defaulters by EBITDA size, compares default rates across the two component Model-based Credit Opinion (MCO) and Privately Monitored Ratings (PMR) portfolios, and details default reasons…. Subscribe to Read MoreAlready a member? Log in here...

Systemic Shock Could Expose Private Credit’s Broad Reach Click here to download report. A shock to the financial system that impacts the private credit sector could reveal the extent that it has moved from a niche product for sophisticated investors to an increasingly relevant component of the global capital markets…. Subscribe to Read MoreAlready a

U.S. Private Credit: Sizing Up Defaults Click here to download report. Issuers generating less than $25 million EBITDA defaulted at more than twice the rate of larger companies over the TTM ending 2Q25…. Subscribe to Read MoreAlready a member? Log in here...

U.S. Private Credit: Sizing Up Defaults Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate of larger issuers in Fitch Ratings’ Private Credit Default Rate (PCDR) universe during the trailing twelve months (TTM) to 2Q25…. Subscribe to Read MoreAlready a member? Log in here...

Rents, Lease Pass Throughs Support US Data Centers Amid Higher Costs Click here to learn more. Tariffs, geopolitical tensions, and federal policy changes are disrupting supply chains, increasing data center and utility capex and operating costs, according to Fitch Ratings in its new report U.S. Data Centers Resilient Amid Rising Costs…. Subscribe to Read MoreAlready

US BDC Robust Unsecured Debt Issuance Reduces Funding, Liquidity Risk Click here to learn more. Strong unsecured debt issuance has continued for rated business development companies (BDCs) in 2025 amid favorable market conditions that have materially reduced refinancing risk and signaled a further deepening of the investor base. The best-positioned BDCs benefit from diverse funding…