FitchRatings
U.S. Business Development Companies Outlook 2026
Click here to download report. Fitch Ratings has a ‘deteriorating’ sector outlook for U.S. business development companies (BDCs) in 2026,…
Read MoreU.S. Private Credit and Middle Market Monitor: 3Q25
Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio Overview, 3Q25 In the charts above, Fitch presents aggregate data…
Read MoreRapid US Non-Bank Loan Growth Raises Risk of Wider Losses for Banks
Click here to learn more. U.S. regional banks’ recent losses tied to non-bank financial institutions (NBFIs) may signal broader risk…
Read MoreU.S. Private Credit: Sizing Up Defaults
Click here to download report. This report examines private credit defaulters by EBITDA size, compares default rates across the two…
Read MoreSystemic Shock Could Expose Private Credit’s Broad Reach
Click here to download report. A shock to the financial system that impacts the private credit sector could reveal the…
Read MoreU.S. Private Credit: Sizing Up Defaults
Click here to download report. Issuers generating less than $25 million EBITDA defaulted at more than twice the rate of…
Read MoreU.S. Private Credit: Sizing Up Defaults
Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate…
Read MoreRents, Lease Pass Throughs Support US Data Centers Amid Higher Costs
Click here to learn more. Tariffs, geopolitical tensions, and federal policy changes are disrupting supply chains, increasing data center and…
Read MoreUS BDC Robust Unsecured Debt Issuance Reduces Funding, Liquidity Risk
Click here to learn more. Strong unsecured debt issuance has continued for rated business development companies (BDCs) in 2025 amid…
Read MorePIK Income Fell Modestly in 2Q25 for BDCs, Dividend Coverage Varies
Click here to learn more. Payment-in-kind (PIK) income for Fitch-rated business development companies (BDCs) declined modestly in 2Q25 but remains…
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