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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 
Middle Market & Private Credit – 10/23/2023
U.S. Middle Market CLOs’ ‘CCC’ Exposure Rising in Third Quarter Negative rating migration has increased the average exposure to assets…
Fitch Private Middle Market MBCO Portfolio: 2Q23
Fitch’s Private Middle Market, Model-Based Credit Opinion (MBCO) Portfolio, 2Q23 Fitch’s privately covered middle market (MM) portfolio is comprised of…
Fitch’s Private Middle Market Portfolio, Rating Activity
Upgrades/downgrades within Fitch’s private MM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside…
MM CLO Ratings Under High Rates and EBITDA Pressure
How Might MM CLO Note Ratings Fare Amid High Rates and EBITDA Pressures? To assess the effect of higher interest…
How Have BDC Funding Profiles Trended?
BDCs took advantage of strong capital market conditions moving out of the pandemic to issue record amounts of unsecured debt,…
How Have BDCs Performed Due to Rapidly Rising Interest Rates?
BDCs were well positioned to benefit from rising rates, given largely floating rate portfolios and the increase in fixed-rate funding…
Default Outlook for Middle Market
Fitch recorded eight defaults in our Private Monitored Rating (PMR) portfolio in 2022, down from the pandemic-affected years of 2020…
Rating Trend for Middle Market Issuers
Following a modestly positive 2021 in which upgrades in Fitch’s Private Monitored Rating portfolio outpaced downgrades at a rate of…
Latest Performance Trends for U.S. MM CLOs
Defaulted and deferring exposure across MM CLOs remained low at 0.7% in 1Q23, while deferrables stood at 6.4%. Exposure to…
Defaults in Fitch’s Private MM Portfolio Tick Higher
Following a sharp increase in 2020 and 2021 due to the pandemic, defaults were largely subdued in 2022 in Fitch’s…