FitchRatings
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 In the charts above, Fitch presents aggregate data for issuers in its PMR…
Read MoreU.S. Private Credit and Middle Market Performance Monitor: 1Q26
The PMR default rate based solely on bankruptcies, liquidations, and out-of-court restructurings was 1.9%.
Read MoreU.S. Banks Increase Private Credit Disclosures Amid Continued Scrutiny
U.S. bank disclosures regarding private credit exposures improved in the first quarter of 2026, although inconsistencies relative to regulatory reporting…
Read MoreUS BDCs Face Persistent Earnings Pressure and Asset Quality Risks
U.S. business development companies (BDCs) face increasing pressure in 2026 as slower capital inflows and elevated redemptions weaken liquidity, while competitive underwriting and interest rates weigh on asset quality and earnings.
Read MoreUS software credit vulnerable to EBITDA stress; MM CLOs resilient
Technology software issuers in Fitch’s model-based credit opinion (MCO) portfolio were more vulnerable to credit deterioration under a severe earnings stress than issuers in the portfolio excluding the technology software sector.
Read MoreUS Software Credit Faces EBITDA Stress; MM CLOs Remain Resilient
U.S. technology software sector issuers in Fitch Ratings’ model-based, point-in-time credit opinion (MCO) portfolio are more vulnerable to credit deterioration under a severe earnings stress scenario compared with the portfolio excluding the technology software sector.
Read MoreGreater Transparency, Rising Interconnectedness Risks
In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks.
Read MoreUS Private Credit: Better Transparency, Higher Interconnectedness Risks
Transparency around private credit in North America is modestly increasing, according to Fitch Ratings.
Read MoreSoftware Deferrable Exposure Rising in U.S. Middle Market CLOs
Technology-software assets in deferrable asset exposure are increasing within U.S. middle market (MM) collateralized loan obligations (CLOs) under Fitch’s surveillance.
Read MoreUS Private Credit Defaults Hit New Highs but Losses Remain Contained
At 9.2%, the default rate within Fitch’s privately monitored ratings (PMR) portfolio exceeded the default rate recorded for Fitch’s broadly syndicated loan (BSL) universe which reached 4.5% for the year.
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