Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. Do Banks Face Financial Stability Risks from Private Credit (PC) Exposure? The financial stability risks from banks’ direct exposure to PC are currently limited despite its rapid growth over the last several years. This is largely due to the typical structure of…
Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. Private credit (PC) markets remain resilient, despite recent challenges stemming from tariff-driven market volatility, slowing economic growth and a higher policy rate trajectory than initially anticipated at the beginning of the year…. Subscribe to Read MoreAlready a member? Log in here...
Credit Journal – Private Credit Download Welcome to Fitch Ratings’ Credit Journal series – a subject-specific, curated compilation of our in-depth research and commentary…. Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25 Click here to learn more. As audits for privately monitored rating (PMR) issuers continue to roll in, Fitch forecasts revenue growth of 5.7% for 2024. Revenue growth for 2025 is likely to be pressured by rising U.S. tariffs and retaliatory measures. … Subscribe to Read MoreAlready a member?
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25 Click here to learn more. In the charts above, Fitch presents aggregate data for issuers in its privately monitored rating (PMR) portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
Slower Growth and Competitive Underwriting to Pressure Asset Quality for U.S. BDCs Click here to learn more. U.S. business development companies (BDCs) are facing mounting pressure in 2025 as escalating trade tensions and broader economic uncertainty compound existing credit headwinds…. Subscribe to Read MoreAlready a member? Log in here...
BDCs Face New Headwinds but Limited Direct Exposure to Tariff Sectors Click here to learn more. The recent escalation in the global trade war and resulting uncertainty across the market introduced additional headwinds for business development companies (BDCs) and private credit in the near term…. Subscribe to Read MoreAlready a member? Log in here...
Fitch Ratings Completes Peer Review of 12 US BDCs Click here to learn more. Fitch Ratings has completed a peer review of U.S. business development companies (BDCs). We have affirmed the Long-Term Issuer Default Ratings (IDRs) on 11 issuers and completed one Review – No Action. The Rating Outlooks for Ares Capital Corporation and Sixth…
Inflows, Competition to Pressure Perpetual BDC Earnings, Asset Quality Click here to learn more. The elevated competitive underwriting environment for business development companies (BDCs) will persist in 2025 due to significant capital being raised, especially in perpetual, non-traded BDCs amid sluggish M&A activity. The difficult environment will negatively affect earnings and asset-quality metrics, while also…
Growth at Perpetual BDCs Drives an Increase in Competition Click here to learn more. U.S. perpetual non-traded business development companies (BDCs) have grown rapidly since the launch of Blackstone Private Credit Fund in January 2021…. Subscribe to Read MoreAlready a member? Log in here...