Press Release|CMBS, RMBS, ABS, Public Finance, Project Finance and Infrastructure, Financial Institutions, Corporates, Insurance, Funds, Sovereigns, Structured Credit
KBRA Releases Research – Private and Public Ratings: Comparable Stability Across KBRA’s Ratings Universe
30 Jun 2026 | New York
KBRA releases research that compares 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. 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.
Key Takeaways
- KBRA’s private and public ratings have exhibited broadly comparable lifetime stability, with KBRA Stability Ratios (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 private ratings reflects KBRA’s well-established position in private credit, project finance and infrastructure, and funds debt ratings. At the same time, public rating activity in the corporate and financial institutions sectors remains more influenced by market conventions that favor legacy rating agencies, including index-eligibility considerations and investor mandates tied to incumbent ratings.
- At KBRA, private and public credit ratings are produced under the same analytical standards, methodologies, controls, and disclosures. The only distinction lies in dissemination. For public credit ratings, KBRA posts the rating and related publications on its website. For private ratings, we distribute the rating and associated reports to the engaging entity through a virtual data room.
Click here to view the report.