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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
US 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.
US 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.
Greater Transparency, Rising Interconnectedness Risks
In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks.
US Private Credit: Better Transparency, Higher Interconnectedness Risks
Transparency around private credit in North America is modestly increasing, according to Fitch Ratings.
Software 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.
US 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.
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.
AI 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.
Non-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.
U.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.
U.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.
U.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.
U.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…
Life 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.
2026 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.
Private 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.