Middle Market & Private Credit – 7/22/2024

Fewer PMR ‘CCC’s Reach the ‘B’ Category

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Once in the ‘CCC’ category, fewer issuers in the PMR portfolio ascend to the ‘B’ category than public peers. The AAT% of ‘CCC’ category issuers that reach the ‘B’ category is just 11% in the PMR portfolio compared to 18% for Fitch’s public rating portfolio.