Fitch’s U.S. Middle Market Outlook

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Credit Profile Changes

PMR Debt by Maturity

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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 zero so far this year.