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.
Private Credit: DealCatalyst Direct Lending Conference Recap
DealCatalyst’s U.S. Private Credit Industry Conference on Direct Lending was held at the Grand Hyatt Nashville in Tennessee on April 16-17. KBRA participated as a lead sponsor of the event, which had nearly 1,700 registrants, attracting market participants including investors, fund managers,…
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 3,500+ underlying credit assessments on middle market sponsor-backed companies in 2025
Latest Private Credit Research
Private Credit: DealCatalyst Direct Lending Conference Recap
DealCatalyst’s U.S. Private Credit Industry Conference on Direct Lending was held at the Grand Hyatt Nashville in Tennessee on April 16-17. KBRA participated as a lead sponsor of the event, which had nearly 1,700 registrants, attracting market participants including investors, fund managers,…
European CLO Manager Style Comparisons: April 2026 Update
This KBRA report evaluates how European collateralised loan obligation (CLO) managers differ in their investment approach by comparing them across a set of standardised portfolio metrics. Specifically, we analyse managers using a series of cross-metric comparisons such as credit quality (KBRA…
Private Credit: Business Development Company (BDC) Ratings Compendium: Fourth-Quarter 2025
In this quarter’s Compendium, KBRA examines the key credit and structural risks of rated perpetual-life BDCs, with a particular focus on whether these BDCs can maintain sound leverage and liquidity profiles during periods of elevated redemption activity. In addition, we will examine the financial…
Recurring Revenue Loan Metrics Dashboard: Q4 2025
KBRA continues to track and present several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by the issuers of KBRA-rated recurring revenue loan (RRL) asset-backed securities (ABS) (see Appendix 1). This update incorporates collateral tapes dated as of…
ABS Venture Debt: Artificial Intelligence, Real but Contained Risk
Artificial intelligence (AI) is an emerging area of focus for private credit markets, particularly for lenders with exposure to software and technology borrowers. AI-related disruption is expected to unfold gradually but is already influencing lender behavior, borrower performance, and investor…
Private Credit: Deep Dive on AI and Software
In KBRA’s view, artificial intelligence (AI) poses diffuse and manageable credit risks to software companies held by direct lenders. While some sponsor-backed borrowers with near-term maturities and structural exposure to AI disruption may face significant pressure—contributing to a modest increase…
Webinars & Podcasts
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.
Asset Managers in Focus
KBRA’s sector experts hosted the Asset Managers in Focus Webinar, Debt Dynamics of Private Credit, on Tuesday, March 3. During the discussion, our analysts examined key performance trends across asset managers in 2025 and shared insights into evolving market conditions. The team also provided perspectives on structural shifts within private credit and outlined KBRA’s 2026 sector outlook.
Private Credit: 2026 Outlook
Explore the forces shaping private credit in 2026, including evolving capital dynamics, intensifying competition, and shifting risk profiles. The discussion also examines rising direct lending defaults and highlight key areas of growth across the asset class.