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Business development companies and the rise of balance sheet financing vehicles
Fitch's Deb Murnin and Chelsea Richardson discuss the growing use of off-balance-sheet JVs and finance companies among BDCs, exploring the drivers, leverage impacts, portfolio risk profiles, and potential rating implications for Fitch-rated BDCs.
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U.S. LevFin markets steady in 2Q26; credit quality divide widens
August 12, 2026
North American leveraged finance markets remained active in 2Q26, but performance gaps across credit tiers widened, according to a new Fitch Ratings report.