Credit Journal – Private Credit

Fitch Ratings|May 28, 2025

Content hub / Article / Fitch Ratings / Credit Journal – Private Credit

Welcome to Fitch Ratings’ Credit Journal series – a subject-specific, curated compilation of our in-depth research and commentary. This edition explores the growing world of Private Credit, covering non-bank lending across business development companies, alternative investment managers and more.

Contact: Brad Hamner
Brad.Hamner @fitchratings.com

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Podcast

Business development companies and the rise of balance sheet financing vehicles

Fitch's Deb Murnin and Chelsea Richardson discuss the growing use of off-balance-sheet JVs and finance companies among BDCs, exploring the drivers, leverage impacts, portfolio risk profiles, and potential rating implications for Fitch-rated BDCs.

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September 15-16, Hudson Yards, New York

Private Debt Investor New York Forum

Bringing together the investors, managers and advisers shaping the next phase of the market — 200+ allocators and $10.6 trillion of LP capital expected. Benchmark strategies, hear from leading LPs, and cut through market noise over two unmissable days.

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Report

US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.

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Report

PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.

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Webinar

Making sense of private credit defaults

What does private credit default data really tell us? Join our exclusive webinar featuring experts from KBRA, Moody's, Fitch Ratings, and S&P Global to find out.

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