NAIC Report Puts Smaller CRA Ratings Under the Spotlight Click here to learn more. At end-2023, US insurers held about USD350 billion of privately rated securities. The NAIC has adopted a proposal to contest private ratings from CRAs if their ratings are three notches higher than an assessment from the NAIC’s Securities Valuation Office (SVO)….

Competition to Pressure BDCs’ Deal Terms, Credit Performance in 2025 Click here to learn more. The competitive underwriting environment for business development companies (BDCs) will continue in 2025, with spread pressure, interest rate cuts and the potential for rising non-accruals driving weaker earnings and dividend coverage metrics across the sector…. Subscribe to Read MoreAlready a

Business Development Companies Outlook 2025 Click here to download report. Join Fitch for the upcoming Outlook panel: Private Corporate Credit, What to Expect in 2025. What to Watch The impact of heightened competition on middle-market deal terms and structures…. Subscribe to Read MoreAlready a member? Log in here...

Fitch’s Privately Monitored Middle Market Portfolio Overview − 3Q24 (Part 3) Click here to download report. In the charts above, Fitch presents aggregate data for Middle Market companies that it privately rates on a monitored basis for asset managers, defined as:… Subscribe to Read MoreAlready a member? Log in here...

Fitch’s Privately Monitored Middle Market Portfolio Overview − 3Q24 (Part 2) Click here to download report. In the charts above, Fitch presents aggregate data for Middle Market companies that it privately rates on a monitored basis for asset managers, defined as:… Subscribe to Read MoreAlready a member? Log in here...

Fitch’s Privately Monitored Middle Market Portfolio Overview − 3Q24 (Part 1) Click here to download report. In the charts above, Fitch presents aggregate data for Middle Market companies that it privately rates on a monitored basis for asset managers, defined as:… Subscribe to Read MoreAlready a member? Log in here...

Record U.S. BDC Unsecured Debt Issuance Helps Address Refinance Needs (Part 2) Click here to download report. Since the beginning of September, rated BDCs have collectively issued $4 billion in unsecured debt. Blue Owl Credit Income Corp. accounts for $1.3 billion of this, including a recent AUD450 million Australia dollar-denominated offering…. Subscribe to Read MoreAlready

Record U.S. BDC Unsecured Debt Issuance Helps Address Refinance Needs Click here to download report. Record debt issuance by Fitch-rated business development companies (BDCs) in 2024 has improved funding flexibility and is indicative of expansion of the investor base for issuers, Fitch Ratings says…. Subscribe to Read MoreAlready a member? Log in here...

Net Asset Downgrades Ease in September for US BSL CLOs Click here to download report. Fitch Ratings-rated U.S. CLOs backed by broadly syndicated loans (BSL) experienced just two net downgrades in the underlying assets – the fewest in the latest trailing twelve-month (TTM) period. The TTM period averaged about 12 net downgrades per month, but…

Cushions in Collateral Quality Tests Stay Mostly Positive Click here to download report. All Fitch-rated MM CLOs include a Fitch Test Matrix as part of a CLO’s Collateral Quality Tests (CQTs) in MM CLOs, including Fitch weighted average recovery rate (WARR), Fitch weighted average rating factor (WARF), weighted average spread (WAS) and weighted average life…