FitchRatings
US Private Credit Defaults Hit New Highs but Losses Remain Contained
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.
Read MoreAI Disruption Puts Software Exposure in Focus
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.
Read MoreNon-Traded BDCs Face Higher Redemptions, Slower Fundraising
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.
Read MoreU.S. Private Credit & Middle Market Monitor: 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.
Read MoreU.S. Private Credit & Middle Market Monitor: 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.
Read MoreU.S. Private Credit & Middle Market Monitor: 4Q25
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 up from 5.4% in 3Q25.
Read MoreU.S. Alt Manager Ratings Stable Despite 2026 Challenges
U.S. Alternative Investment Manager Ratings Stable Despite Challenging 2026 Click here to learn more. Fitch Ratings expects the credit profiles…
Read MoreLife Insurer Investment Portfolios to Remain Broadly Stable in 2026
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.
Read More2026 Regulatory Reviews Mark Inflection for Securitisation SRT Market
The securitisation significant risk transfer (SRT) market is set to reach an inflection point in 2026 as a number of regulatory investigations conclude.
Read MorePrivate Credit Outlook 2026
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.
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