BDC Valuations Weaken in 1Q26 as Leverage Rises and Dividend Pressure Builds Click here to learn more. Business development company (BDC) portfolio valuations came under pressure in 1Q26 as market spreads widened, software company valuations declined, and non-accruals increased, according to a new report from Fitch Ratings…. Subscribe to Read MoreAlready a member? Log in
U.S. Private credit default rate remains at record high 6.0% in May 2026 Click here to learn more. Fitch Ratings recorded a U.S. Private Credit Default Rate (PCDR) of 6.0% for the TTM ending May 2026, unchanged from April 2026…. Subscribe to Read MoreAlready a member? Log in here...
Structured Finance: Intersection with Private Markets Click here to download report. Fitch’s latest market research report breaks down key transaction types at the intersection of private markets and structured credit—from asset-based finance and CLOs to SRT and fund finance—covering their structure, usage, and rating evaluation…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Private Credit and Middle Market Performance Monitor: 1Q26 Click here to download report. This report is based on a series of panels held during 1H26. Bank capital constraints, demand for yield from insurers and pension funds, the growth of private markets, and the ongoing digital industrial and energy transformation are all driving innovation, with…
U.S. Private Credit and Middle Market Performance Monitor: 1Q26 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio – 1Q26 Fitch recorded 19 downgrades and three upgrades in 1Q26, continuing the trend of downgrades outpacing upgrades…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Private Credit and Middle Market Performance Monitor: 1Q26 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio – 1Q26 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers. 2025F figures remain forecast, as audited financials for privately rated…
U.S. Private Credit and Middle Market Performance Monitor: 1Q26 Click here to learn more. Private Credit Default Rates The PMR default rate based solely on bankruptcies, liquidations, and out-of-court restructurings was 1.9%…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Banks Increase Private Credit Disclosures Amid Continued Scrutiny Click here to learn more. U.S. bank disclosures regarding private credit exposures improved in the first quarter of 2026, although inconsistencies relative to regulatory reporting remain an area for improvement, according to Fitch Ratings. Several large banks provided additional detail on lending to business development companies…
US BDCs Face Persistent Earnings Pressure and Asset Quality Risks Click here to learn more. U.S. business development companies (BDCs) face increasing pressure in 2026 as slower capital inflows and elevated redemptions weaken liquidity, while competitive underwriting and interest rates weigh on asset quality and earnings…. Subscribe to Read MoreAlready a member? Log in here...
US Software Credit Opinions Vulnerable to EBITDA Stress; US MM CLOs Resilient Click here to learn more. Software Issuers in Credit Opinion Portfolio More Vulnerable to EBITDA Stress Technology software issuers in Fitch’s model-based credit opinion (MCO) portfolio were more vulnerable to credit deterioration under a severe earnings stress than issuers in the portfolio excluding…