FitchRatings

Middle Market & Private Credit – 9/29/2025

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...

Middle Market & Private Credit – 9/22/2025

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

Middle Market & Private Credit – 9/15/2025

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…

Middle Market & Private Credit – 9/8/2025

PIK Income Fell Modestly in 2Q25 for BDCs, Dividend Coverage Varies Click here to learn more. Payment-in-kind (PIK) income for Fitch-rated business development companies (BDCs) declined modestly in 2Q25 but remains above pre-2024 levels. This reflects persistent challenges in portfolio credit quality and the impact of structured PIK arrangements amid elevated interest rates. The latest…

Middle Market & Private Credit – 8/11/2025

U.S. Private Credit and Middle Market Performance Monitor: 2Q25 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio, Rating Activity The issuer-weighted TTM default rate for PMRs rose to 9.5% in 2Q25 from 7.8% in 1Q25. Fitch recorded 28 unique defaults for the TTM period, up from 23 in 1Q25. This is the highest…

Middle Market & Private Credit – 7/28/2025

Private Asset 401(k) Offerings Increase US Alt IMs’ Growth, Complexity Click here to learn more. A potential presidential executive order to facilitate investment in private assets for U.S. retirement plans, including 401(k)s, would provide alternative investment managers (Alt IMs) an additional avenue of growth from the $12.2 trillion defined-contribution market…. Subscribe to Read MoreAlready a

Middle Market & Private Credit – 7/21/2025

Fitch Ratings Completes Peer Reviewof 12 US BDCs Fitch Ratings has completed a peer review of 12 U.S. business development companies (BDCs). Fitch has affirmed the Long-Term Issuer Default Ratings (IDRs) on 10 issuers and completed two Review – No Actions. The Rating Outlooks for Oaktree Specialty Lending Corp. and Blackrock TCP Capital Corp. remain…