FitchRatings
U.S. Private Credit: Sizing Up Defaults
Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate…
Read MoreRents, Lease Pass Throughs Support US Data Centers Amid Higher Costs
Click here to learn more. Tariffs, geopolitical tensions, and federal policy changes are disrupting supply chains, increasing data center and…
Read MoreUS BDC Robust Unsecured Debt Issuance Reduces Funding, Liquidity Risk
Click here to learn more. Strong unsecured debt issuance has continued for rated business development companies (BDCs) in 2025 amid…
Read MorePIK Income Fell Modestly in 2Q25 for BDCs, Dividend Coverage Varies
Click here to learn more. Payment-in-kind (PIK) income for Fitch-rated business development companies (BDCs) declined modestly in 2Q25 but remains…
Read MoreCredit Journal – Private Credit
Click here to download. This edition of Fitch Ratings’ Credit Journal series explores the growing world of Private Credit,
Read MoreU.S. Private Credit and Middle Market Performance Monitor: 2Q25
Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio, Rating Activity The issuer-weighted TTM default rate for PMRs rose…
Read MorePrivate Asset 401(k) Offerings Increase US Alt IMs’ Growth, Complexity
Click here to learn more. A potential presidential executive order to facilitate investment in private assets for U.S. retirement plans,…
Read MoreFitch Ratings Completes Peer Reviewof 12 US BDCs
Fitch Ratings has completed a peer review of 12 U.S. business development companies (BDCs). Fitch has affirmed the Long-Term Issuer…
Read MorePrivate Credit, Public Debate
Richard Hunter, Chief Risk Officer at Fitch Ratings, recently published an op-ed sharing his insights on private credit. He addressed…
Read MoreSmaller US Banks Most Exposed to Nonbank Lending
Smaller, Non-Systemic U.S. Banks Most Concentrated to Non-Bank Lending Click here to download report. Evolving regulation has shone the spotlight…
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