Report|30 Jun 2026

Private and Public Ratings: Comparable Stability Across KBRA’s Ratings Universe

As private credit markets have continued to grow, investors and market participants have increasingly focused on the performance of private ratings relative to ratings disseminated publicly.1 In this report, we compare the lifetime stability of KBRA’s private and public ratings across our ratings portfolio, including separate analyses of our corporate, financial, and government (CFG) ratings and structured finance (SF) ratings portfolios.

Key Takeaways

  • KBRA’s private and public ratings have exhibited broadly comparable lifetime stability, with KBRA Stability Ratios2 (KSR) of 96.1% and 96%, respectively.
  • Private ratings accounted for 9.8% of KBRA’s total rating assignments since 2011, but their share has increased in recent years.
  • Private rating activity has been much more prevalent in CFG than SF, representing 68.1% of CFG ratings versus 4.9% of SF ratings. The concentration of CFG…
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