FitchRatings
Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23
Interest coverage (EBITDA/interest) within Fitch’s portfolio is expected to decline toward 1.7x in 2023 as a full year of increased…
Read MoreFitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23
Fitch projects EBITDA leverage for 2023 to be around 6.0x, down slightly from 6.3x in 2022.
Read MoreMiddle 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…
Read MoreFitch 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…
Read MoreFitch’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…
Read MoreMM 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…
Read MoreHow 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,…
Read MoreHow 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…
Read MoreDefault 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…
Read MoreRating 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…
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