Fitch’s Private Middle Market Portfolio, Rating Activity

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Fitch Ratings|June 4, 2024
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The default rate in Fitch’s PMR portfolio climbed marginally in 1Q24, reaching 4.1% from 3.7% in the previous quarter, following one additional net default. Fitch recorded a total of seven defaults in the portfolio across diverse sectors, with five involving deferrals or payment-in-kind (PIK) interest strategies, and two involving liquidations or company sales at valuations expected to result in meaningful losses for the lenders.

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