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: The Evolution of European Middle Market CLOs
The European middle market collateralised loan obligation (CLO) sector has established itself as a distinct and increasingly innovative segment within structured credit. Although the market remains relatively nascent compared with CLOs backed mainly by broadly syndicated loans (BSL), recent…
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
Private Credit: The Evolution of European Middle Market CLOs
The European middle market collateralised loan obligation (CLO) sector has established itself as a distinct and increasingly innovative segment within structured credit. Although the market remains relatively nascent compared with CLOs backed mainly by broadly syndicated loans (BSL), recent…
Private Credit: In Middle Market Direct Lending, Cash Is King
Across the more than 2,400 unique global middle market sponsor-backed borrowers assessed for the last 12 months (LTM) ended March 31, 2026, KBRA notes that the median EBITDA of the population increased at a 27% compound annual growth rate (CAGR) over the last two years, while the median cash flow…
Private Credit: Medallia’s Looming Default Will Be Widely Dispersed
As widely reported and stated by several of the company’s investors, creditors will likely be taking control of Medallia, Inc. following several years of performance headwinds and the sponsor’s decision not to provide additional equity. Although this represents one of the larger term loans in the…
Private Credit: Q1 2026 Middle Market Compendium: Stability Despite March Madness
Fundamentals have held firm over the last 12 months (LTM) ending March 31, 2026, with several credit quality metrics showing signs of improvement in Q1 2026. That said, March brought another macroeconomic shock, adding to a growing list of disruptions over the past six years, including the global…
LSTA and DealCatalyst 2026 CLO Conference Recap
KBRA attended the annual CLO Conference hosted by the Loan Syndications & Trading Association (LSTA) and DealCatalyst, held at the Marriott Marquis in New York on April 27-28, 2026. The conference opened against a backdrop of increasing macroeconomic uncertainty, shaped by geopolitical volatility,…
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,…
Webinars & 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.
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.