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.
Opal Group European CLO Summit Recap
European collateralised loan obligation (CLO) market participants gathered at Opal Group’s European CLO Summit, held at the London Marriott Hotel Grosvenor Square on 6 October 2026, to discuss a market that is supported by strong issuance and broad investor demand, but confronting tighter…
Expanding Use of Ratings in Private Credit
KBRA performed ~4,300 underlying credit assessments on middle market sponsor-backed companies in 1H 2026 LTM.
Latest Private Credit Research
Opal Group European CLO Summit Recap
European collateralised loan obligation (CLO) market participants gathered at Opal Group’s European CLO Summit, held at the London Marriott Hotel Grosvenor Square on 6 October 2026, to discuss a market that is supported by strong issuance and broad investor demand, but confronting tighter…
Opal Group European Private Credit & ABF Summit Recap
European private credit and asset-based finance (ABF) market participants gathered at Opal Group’s European Private Credit & ABF Summit, held at the London Marriott Hotel Grosvenor Square on 5 October 2026, to discuss how bank retrenchment, higher financing costs, slower exits, and growing…
European CLO Manager Style Comparisons: September 2026 Update
European broadly syndicated loan (BSL) collateralised loan obligation (CLO) managers employ a range of portfolio strategies, resulting in different risk-return profiles across the market. This report compares managers across a KBRA-defined set of standardised metrics, including credit quality, as…
Private Credit: Recurring Revenue Loan Metrics Dashboard, Q2 2026
KBRA continues to track and present several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by 24 KBRA-rated recurring revenue loan (RRL) asset-backed securities (ABS) transactions (see Appendix 1). This update incorporates collateral tapes dated as of June…
Private Credit—Middle Market Monthly Pulse: August 2026
KBRA launches its inaugural Middle Market (MM) Monthly Pulse, a recurring dashboard that will serve as an update between our quarterly Middle Market Borrower Surveillance Compendium (see Private Credit: Q2 2026 Middle Market Compendium: EBITDA’s Fading Tailwinds). The MM Monthly Pulse will provide…
Private Credit: Across the Atlantic—Comparing U.S. and EU/UK Direct Lending
KBRA’s assessment portfolio of European Union (EU)- and UK-based middle market (MM) companies has grown more than fivefold since 2022. The cohort reached 465 unique obligors across more than 50 managers and 60 KBRA-rated transactions during the last 12 months (LTM) ended June 30, 2026, providing…
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.