FitchRatings
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q24
Download FitchRating’s Report here. In the chart above, Fitch presents aggregate data for MM companies, defined as in the area…
Read MoreHow Does the Default Outlook for the Middle Market Compare to BSL?
Download FitchRating’s Report here. Fitch tracks defaults in our portfolio of about 300 middle market loans that we rate privately…
Read MoreHow Does the Default Outlook for the Middle Market Compare to BSL?
Download FitchRating’s Report here. The default rate for loans in Fitch’s U.S. Leveraged Loan Universe was 3.3% at the end…
Read MorePrivate Credit vs. BSL Covenants
How Do Covenants for Private Credit Loans Compare to Broadly Syndicated Loans? Download FitchRating’s Report here. While liability management exercises…
Read MoreWhat is Driving Increasing Deal Sizes in Private Credit?
Direct lenders have increasingly been targeting larger companies, after previously focusing on middle market sized companies. (Fitch loosely defines larger…
Read MoreRising Payment-in-Kind Trends in Private Credit Will Have a Mixed Impact
Interests paid-in-kind (PIK) are likely to rise among private middle-market loans in the US through both amendments to existing loans…
Read MoreMiddle Market CLO Manager Assessment Criteria
What Investors Want to Know: Middle Market CLO Manager Assessment Considerations Download Fitchratings’ Report here. Given the increased interest and…
Read MoreMedian Leverage and Coverage
Fitch’s privately covered MM portfolio is comprised of generally smaller issuers (with average EBITDA of $55 million, average revenue of…
Read MoreFitch’s Private Middle Market Portfolio, Rating Activity
Defaults in Fitch’s PMM portfolio persisted at a low level in 4Q23 with two issuers defaulting, bringing the year’s total…
Read MoreFitch’s Private Middle Market Portfolio, Rating Activity
Upgrades/downgrades in Fitch’s PMM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based…
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