US Private Credit Defaults Hit New Highs but Losses Remain Contained Click here to learn more. The default rate in Fitch Ratings’ privately monitored ratings (PMR) portfolio hit 9.2% in 2025, a new high, up significantly from 8.1% in 2024. Defaults were not concentrated in any particular sector, though Fitch recorded four defaults in the…
AI Disruption Puts Alt-Investment Manager Software Exposures in Focus Click here to learn more. Sharp declines in major software company valuations amid rising investor concerns about AI-driven disruption have raised questions about lenders’ and asset managers’ sector exposure. While direct lenders, including business development companies (BDCs), typically have sizable software exposures, Fitch-rated alternative investment managers…
Perpetually Non-Traded US BDCs See Higher Redemptions, Slower Fundraising Click here to learn more. Investor sentiment has turned negative toward publicly listed U.S. business development companies (BDCs) with private-credit and software exposure, lowering valuations and limiting equity market access. That shift is now spilling over to perpetually non-traded BDCs, which have seen higher redemptions and…
U.S. Private Credit and Middle Market Performance Monitor: 4Q25 Click here to learn more. Fitch’s Privately Monitored Ratings (PMR) Portfolio – 4Q25 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Private Credit and Middle Market Performance Monitor: 4Q25 Click here to learn more. Fitch’s Privately Monitored Ratings (PMR) Portfolio – 4Q25 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Private Credit and Middle Market Performance Monitor: 4Q25 Click here to learn more. Private Credit Default Rate (PCDR) The U.S. PCDR rose to 5.6% for the TTM ending 4Q25, the second-highest level since tracking began in August 2024. This is just below the peak of 5.7% seen in both February and November 2025, but…
U.S. Alternative Investment Manager Ratings Stable Despite Challenging 2026 Click here to learn more. Fitch Ratings expects the credit profiles of rated alternative investment managers (alt IMs) to remain stable despite a difficult backdrop. Rated alt IMs benefit from investor consolidation, as periods of uncertainty increase demand for scaled, multi-strategy platforms…. Subscribe to Read MoreAlready
Life Insurer Investment Portfolios to Remain Broadly Stable in 2026 Click here to learn more. Life insurers’ investment portfolio mix should remain broadly stable, with solid credit quality and core fixed income dominant amid a continued tilt toward private credit and alternative investments, driven by opportunistic repositioning and regulatory reclassifications…. Subscribe to Read MoreAlready a
2026 Regulatory Reviews Mark Inflection for Securitisation SRT Market Click here to learn more. The securitisation significant risk transfer (SRT) market is set to reach an inflection point in 2026 as a number of regulatory investigations conclude. These investigations include a global review into SRTs, a US review of large banks’ capital frameworks, the EU…
Private Credit Outlook 2026 Click here to download report. The global private credit market will continue to grow in scale and complexity in 2026, having become much more diversified and widely held over the past decade…. Subscribe to Read MoreAlready a member? Log in here...