Private Credit’s Growing Complexity Untested Through Market Cycles
How Does the Change in Rate Outlook Affect Middle-Market Borrowers?
Despite concerning growth in the number of issuers with coverage at or below 1x, the median issuer’s metrics have remained relatively stable. Approximately 48% of all issuers are estimated to have 2024E interest coverage at or below 1.7x, just slightly up from 46% in 1Q24.
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