Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23

Fitch Ratings|November 2, 2023

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Fitch projects EBITDA leverage for 2023 to be around 6.0x, down slightly from 6.3x in 2022. EBITDA leverage had risen consistently over the last few years from 2019’s 5.4x due to initial stresses from the pandemic, inflationary input costs, supply chain and labor issues, higher interest rates, and geopolitical concerns.

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(Past performance is no guarantee of future results.)

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