Middle Market & Private Credit – 8/7/2023

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How Might MM CLO Note Ratings Fare Amid
High Rates and EBITDA Pressures?

Chart

To assess the effect of higher interest rates, Fitch applied a rate of 5.5%, and 6.5% to represent a longer rate hike cycle. These rate stresses were combined with EBITDA haircuts to represent cost pressures on loan issuers as a result of persistent inflation.

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