FitchRatings

Fitch’s privately covered Middle Market (MM) portfolio is made up of generally smaller issuers (with average EBITDA of $54 million,…

Defaults in Fitch’s PMM portfolio persisted at a low level this quarter with two issuers defaulting, bringing the YTD total…

Upgrades/downgrades in Fitch’s PMM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based…

Fitch expects revenue growth to moderate to the mid-single digits in 2023 after two strong years of double-digit growth following…

Interest coverage (EBITDA/interest) within Fitch’s portfolio is expected to decline toward 1.7x in 2023 as a full year of increased…

Fitch projects EBITDA leverage for 2023 to be around 6.0x, down slightly from 6.3x in 2022.

U.S. Middle Market CLOs’ ‘CCC’ Exposure Rising in Third Quarter Negative rating migration has increased the average exposure to assets…

Fitch’s Private Middle Market, Model-Based Credit Opinion (MBCO) Portfolio, 2Q23 Fitch’s privately covered middle market (MM) portfolio is comprised of…

Upgrades/downgrades within Fitch’s private MM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside…

How Might MM CLO Note Ratings Fare Amid High Rates and EBITDA Pressures? To assess the effect of higher interest…