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Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. But as class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”
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October 6, 2026 
Increased transparency a positive for U.S. private credit market
Fitch Ratings views increased scrutiny of private corporate credit as a natural step in the market’s development. Greater focus on private credit supports more reporting, increased transparency, and information flow in the market.
Low August U.S. defaults reflects seasonal slowdown as market concern loans build
U.S. leveraged loan and high-yield default rates were unchanged in August 2026 at 3.9% and 2.8%, respectively, as seasonal conditions limited default activity, Fitch Ratings says.
US private credit transparency highlights uneven BDC performance
Credit performance across business development company (BDC) portfolios remains uneven, although reported losses and non-accruals were broadly stable quarter over quarter, according to Fitch Ratings’ Private Credit Transparency Monitor for 2Q26.
Fitch Ratings’ U.S. Private Credit Default Rate Rose to 6.3% in August 2026
Fitch Ratings recorded a U.S. Private Credit Default Rate (PCDR) of 6.3% for the trailing 12 months (TTM) ended August 2026, up from 6.1% in July 2026 and a record high.
Barbelled Recovery Trend Persists in Fitch’s Private Ratings Portfolio
The trend of barbelled recovery outcomes, either very high or very low recoveries, persisted in Fitch Ratings’ private ratings portfolio in 1H26.
US BSL and MM CLO performance held stable in July 2026
In July 2026, portfolio credit quality in reinvesting Fitch-rated U.S. BSL CLOs remained broadly stable from June.
U.S. LevFin markets steady in 2Q26; credit quality divide widens
North American leveraged finance markets remained active in 2Q26, but performance gaps across credit tiers widened, according to a new Fitch Ratings report.
U.S. private credit default rate reaches new high in 2Q26
Fitch Ratings’ U.S. Private Credit Default Rate (PCDR) rose to a new high in 2Q26, according to a new report.
Fitch Ratings completes peer review of 13 US BDCs
Fitch Ratings has completed a peer review of 13 U.S. business development companies (BDCs).
JV and FinCo Exposure Can Increase Risk for BDCs
Elevated off-balance sheet leverage tied to joint ventures (JVs) and finance companies (FinCos) can alter the risk profile of business development companies (BDCs), according to a new Fitch Ratings report…
Elevated redemptions at Non-Traded BDCs persist
Average redemption requests continued to rise for perpetually non-traded business development companies (BDCs) in 2Q26, but levels and trends varied across the sector.
Credit Journal-Private Credit
Fitch Ratings’ latest Credit Journal series is a subject-specific, curated compilation of in-depth research and commentary. This edition explores the…
Credit Journal-Private Credit
Fitch Ratings’ latest Credit Journal series is a subject-specific, curated compilation of in-depth research and commentary.
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…
U.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…
Structured 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