Fitch’s Private Middle Market Portfolio, Rating Activity

Fitch Ratings|May 29, 2024

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Downgrades greatly outweighed upgrades in 1Q24 as high interest rates affected the FCF and financial flexibility of issuers in lower rating categories. This quarter, Fitch recorded 14 downgrades and four upgrades. The downgrades included seven defaults as well as three companies moving from the ‘B’ category to the ‘CCC’ category. Fitch expects the negative rating skew to continue as issuers wrestle with persistently high interest rates.

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