Private rating defaults hit record high – Fitch

By Lisa Fu

Friday, May 01, 2026

The US private credit default rate increased to 5.7% in the trailing 12 months ending 1Q26, while the downgrade-to-upgrade ratio for Fitch’s privately monitored private credit ratings portfolio hit 6.3x in the first quarter, the highest level since the second quarter of 2023

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TAGS: Research Private credit North America

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