Fitch’s Privately Monitored Middle Market Portfolio Overview, 4Q23 In the charts above, Fitch presents aggregate data for MM companies, defined as in the area of $500 million of debt or $100 million of EBITDA or below, that it privately rates for asset managers. Interest coverage (EBITDA/interest) is estimated to have declined to 1.6x in 2023…
Fitch’s Privately Monitored Middle Market Portfolio Overview, 4Q23 In the charts above, Fitch presents aggregate data for MM companies, defined as in the area of $500 million of debt or $100 million of EBITDA or below, that it privately rates for asset managers. Fitch estimates median EBITDA leverage of 6.0x for 2023 and expects the…
U.S. Middle Market CLO Snapshot (4Q23) Overall credit quality across U.S. middle market (MM) CLOs under Fitch Ratings’ surveillance remained stable throughout 2023 with muted defaults, while exposure to assets rated ‘CCC+’ or below increased, according to the latest U.S. MM CLO Snapshot. The quarterly report is accompanied by the Fitch U.S. MM Leveraged Loan…
European and US LevFin Default Rates Will Continue to Rise in 2024 Leveraged finance default rates increased in 2023 in Europe and the US and will continue to rise in 2024 due to high interest cost burdens and macroeconomic pressure. Both the European and US leveraged finance sector outlooks remain deteriorating…. Login to Read More...
Fitch’s U.S. Middle Market Outlook Download Fitchratings’s Report here. The distribution of middle market (MM) issuers’ Outlooks within Fitch’s portfolio stayed relatively flat in 2023 compared with 2022. Approximately 11% of MM issuers have a Negative Outlook or Watch, relatively unchanged from 2022, and a large decline from 30% in 2020. Net upgrades have hovered around…
Fitch’s Privately Monitored Rating (PMR) Portfolio Analysis The default data is derived from Fitch’s portfolio of PMRs in the U.S…. Login to Read More...
Median Leverage and Coverage Fitch’s privately covered Middle Market (MM) portfolio is made up of generally smaller issuers (with average EBITDA of $54 million, average revenue of $286 million and average debt of $314 million)…. Login to Read More...
Fitch’s Private Middle Market Portfolio, Rating Activity Defaults in Fitch’s PMM portfolio persisted at a low level this quarter with two issuers defaulting, bringing the YTD total to 10 defaults across eight unique issuers on a portfolio including around 275 companies, although Fitch expects defaults in its PMM portfolio to increase in 2024…. Login to
Fitch’s Private Middle Market Portfolio, Rating Activity Upgrades/downgrades in Fitch’s PMM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based on limited scale…. Login to Read More...
Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23 Fitch expects revenue growth to moderate to the mid-single digits in 2023 after two strong years of double-digit growth following normalization after the pandemic, given a slowing economy and limited M&A…. Login to Read More...