FitchRatings
BDC valuations weaken as leverage and dividend pressure rise
BDC Valuations Weaken in 1Q26 as Leverage Rises and Dividend Pressure Builds Click here to download report. Business development company…
Read MoreU.S. Private credit default rate remains at record high 6.0% in May 2026
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 Fitch recorded 19 downgrades and three upgrades in 1Q26, continuing the trend of…
Read MoreStructured Finance: Intersection with Private Markets
Fitch’s latest market research report breaks down key transaction types at the intersection of private markets and structured credit
Read MoreUS Private Credit & Middle Market Monitor: 1Q26
This report is based on a series of panels held during 1H26.
Read MoreU.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 Fitch recorded 19 downgrades and three upgrades in 1Q26, continuing the trend of…
Read MoreU.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 In the charts above, Fitch presents aggregate data for issuers in its PMR…
Read MoreU.S. Private Credit and Middle Market Performance Monitor: 1Q26
The PMR default rate based solely on bankruptcies, liquidations, and out-of-court restructurings was 1.9%.
Read MoreU.S. Banks Increase Private Credit Disclosures Amid Continued Scrutiny
U.S. bank disclosures regarding private credit exposures improved in the first quarter of 2026, although inconsistencies relative to regulatory reporting…
Read MoreUS BDCs Face Persistent Earnings Pressure and Asset Quality Risks
U.S. business development companies (BDCs) face increasing pressure in 2026 as slower capital inflows and elevated redemptions weaken liquidity, while competitive underwriting and interest rates weigh on asset quality and earnings.
Read MoreUS software credit vulnerable to EBITDA stress; MM CLOs resilient
Technology software issuers in Fitch’s model-based credit opinion (MCO) portfolio were more vulnerable to credit deterioration under a severe earnings stress than issuers in the portfolio excluding the technology software sector.
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