US Private Credit Defaults Rose Sharply in 2024 While Lender Losses Remained Limited

FR icon
Fitch Ratings|March 13, 2025
Content hub / Article / Fitch Ratings / US Private Credit Defaults Rose Sharply in 2024 While Lender Losses Remained Limited
Download

Share

Click here to learn more.

Join Fitch Rating upcoming Webinar: The Highs and Lows of Private Credit Defaults and Recoveries

The default rate in Fitch Ratings’ portfolio of U.S. privately monitored ratings (PMR) rose sharply to 8.1% in 2024. This is the highest level since Fitch recorded the first default in the portfolio in 2019.

While distressed debt exchanges (DDEs) drove most defaults in 2023, over half of last year’s defaults stemmed from bankruptcy filings and maturity extensions for struggling issuers. Fitch believes much of the increase in default rates in the U.S. PMR portfolio is attributable to the impact of elevated base rates on cash flow and liquidity.

Contact Brad Hamner
Download

Share

Making sense of private credit defaults

Webinar

Making sense of private credit defaults

What does private credit default data really tell us? Join our exclusive webinar featuring experts from KBRA, Moody's, Fitch Ratings, and S&P Global to find out.
Register
US Private Credit League Tables H1'26

Report

US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.
Download
PitchBook's Q2 2026 US PE Breakdown

Report

PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.
Download
Private Debt Investor New York Forum

September 15-16, Hudson Yards, New York

Private Debt Investor New York Forum

Bringing together the investors, managers and advisers shaping the next phase of the market — 200+ allocators and $10.6 trillion of LP capital expected. Benchmark strategies, hear from leading LPs, and cut through market noise over two unmissable days.
Learn more
Credit Journal-Private Credit

Report

Credit Journal-Private Credit

Fitch Ratings’ latest Credit Journal series is a subject-specific, curated compilation of in-depth research and commentary. This edition explores the growing world of private credit, including non-bank lending across business development companies.
Download

Latest news

See all stories
    Article | PitchBook

    Multiples on PE buyouts

    August 6, 2026

    This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.

    Read More
    Article | Bloomberg

    US Leveraged Loan Issuance Slows to $76.5b in July

    August 6, 2026

    The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…

    Read More
    Article | KBRA DLD

    KBRA DLD Default Indices

    August 5, 2026
    Read More
See all stories