Market Leader in Private Credit
KBRA brings a unique lens to the evolving Private Credit landscape, delivering sharp insights through deep research, dynamic webinars, and rigorous rating analysis.
AI Credit: Off to the Races—AI Infrastructure Commitments Are Reshaping the Credit Profiles of the AI-7 Companies
The rapid expansion of artificial intelligence (AI) infrastructure has triggered an unprecedented investment cycle spanning semiconductors, compute capacity, networking, cloud infrastructure, data centers, and enterprise and consumer applications. Capex across the AI-7 companies—modern AI…
Expanding Use of Ratings in Private Credit
KBRA has over 1,000 ratings of transactions and issuers within the private capital universe and has worked with over 100 sponsors.
Performed 4,000+ underlying credit assessments on middle market sponsor-backed companies in LTM Q1 2026
Latest Private Credit Research
AI Credit: Off to the Races—AI Infrastructure Commitments Are Reshaping the Credit Profiles of the AI-7 Companies
The rapid expansion of artificial intelligence (AI) infrastructure has triggered an unprecedented investment cycle spanning semiconductors, compute capacity, networking, cloud infrastructure, data centers, and enterprise and consumer applications. Capex across the AI-7 companies—modern AI…
Private Credit and Life Insurer Solvency: Separating Risk From Rhetoric
Recent academic and media commentary has raised important questions regarding the growth of private credit, private equity (PE) ownership of life insurers, the use of private letter ratings (PLR), and the role of state guaranty funds in protecting policyholders. These are legitimate areas for…
Private Credit: Putting Serta to Bed
In a market where J.Crew and Neiman Marcus refer not to storied retailers but to landmark liability management transactions—and the contractual protections designed to prevent them—Serta and its eponymous blocker have become the defining shorthand for the current generation of liability management…
Private Credit: Q2 2026 Middle Market Compendium: EBITDA’s Fading Tailwinds
Record assessment activity covering nearly 1,000 companies in Q2 2026 provides KBRA’s broadest view yet of the direct lending middle market (MM). This quarter’s data show that median fundamentals remain stable, but the pace of credit quality improvement has slowed.
AI Credit: AI Compute Infrastructure—Cross-Sector Credit Considerations for GPU-, TPU-, and Accelerator-Intensive Assets
Artificial intelligence (AI) compute infrastructure is becoming a distinct and rapidly expanding financing market, but it is not a single credit category. Graphic processing units (GPU), tensor processing units (TPU), and other accelerator-intensive assets may support project finance, structured…
AI Credit: Data Centers in Focus—Credit Considerations Across Asset Classes Webinar Recap
KBRA and Seelaus hosted a webinar on July 15 examining how artificial intelligence (AI)-driven demand is reshaping the financing and credit profile of U.S. data centers across project finance, asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). KBRA’s Chief Markets…
Webinars & Podcasts
Churchill Asset Management Private Capital Call Podcast: Behind the Headlines: Private Credit Defaults, Recoveries, and AI Risk in 2026
KBRA's Bill Cox, Chief Rating Officer, and Eric Rosenthal, Head of Default Research at KBRA DLD, joined Churchill's Private Capital Call podcast to discuss the current state of private credit.
Listen on: Apple Podcasts
KBRA's Perpetual Life BDC Review and 2026 Outlook Webinar
KBRA hosted a Perpetual-Life BDC Review and 2026 Outlook webinar on May 5. During the discussion, KBRA presented a review of BDC performance, including key insights on redemption activity and the evolving landscape of perpetual-life BDCs.
A Deep Dive on AI's Risk to Direct Lending
KBRA presents its framework for assessing potential AI disruption, highlighting the primary near-term risks facing companies with elevated exposure. KBRA views these risks as diffuse and manageable, likely to drive greater return differentiation.