Fitch’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 to 15 defaults across 10 issuers on a portfolio of around 275 companies. For reference, following a sharp increase in defaults across approximately 20 issuers in each of 2020 and 2021 due to the pandemic, defaults were largely subdued in 2022, when eight issuers defaulted.

Download Report

(Past performance is no guarantee of future results.)