MARKET LEADER IN PRIVATE CREDIT

220+

Market leader with over 220 ratings of notes and debt facilities for private credit funds.

34

KBRA rates 34 BDCs, more than any other rating agency.

54

KBRA maintains credit ratings on 54 of the world’s leading private assets managers who have raised over $19 billion with KBRA only ratings.

100

KBRA rates over 100 middle market CLOs and other middle market loan financing facilities.

4,000+

KBRA has produced over 4,000 credit assessments or credit ratings for middle market borrowers in private credit portfolios

EXAMINING TARIFFS AND MARKET VOLATILITY

KBRA Released Three Research Reports on Tariffs’ and Market Volatility’s Impact on Private Credit Rated Debt

UNIQUE INSIGHTS

Business Development Company (BDC) Ratings Compendium: Fourth-Quarter 2024

Financial Institutions | 3 April 2025

In 4Q24, KBRA observed how BDCs are navigating a landscape marked by tighter spreads, heightened competition, and an oversupply of capital. Read more

Feeder Notes and Credit Facilities Remain Resilient

Funds | 20 September 2024

This report focuses on KBRA’s rated portfolio with direct exposure to middle market corporate credit—consisting of 138 tranches across 87 feeder funds and credit facilities, totaling $22.5 billion of rated debt.  Read more

Subscription Line Performance Still Shines

Research Report | 20 February 2025

This report provides an update on KBRA’s rated portfolio in terms of both issuance trends and rating performance. KBRA has assigned ratings or provided credit assessments on 181 subscription facilities through year-end 2024, with issuance volume totaling $132 billion and rated/assessed debt exposure totaling $46 billion. Read more

NAVigating the PE Landscape—NAV Loans Still Perform

Funds | 31 October 2024

This report examines KBRA’s NAV loan portfolio, comprising 86 NAV loans with ratings ranging from A to BBB- and issuance volume totaling $51 billion. Read more

Feeder Fund Rated Notes— Squaring the Circle

Funds | 22 October 2024

Against a backdrop of continued growth in feeder fund rated note issuance, this KBRA report provides an overview of the key legal features observed in KBRA-rated transactions. Read more

Pulling Rank and the Game of Senior Preferreds in LMEs

Corporates | 2 October 2024

A recent private credit liability management exercise questioned how benign junior instruments actually are and if traditional credit docs are protected from cash leakage on their account. Read more

CFO Growth and Performance

Research Report | 13 March 2025

Through year-end 2024, KBRA has assigned ratings to 152 tranches in 67 collateralized fund obligations (CFO), totaling $37.7 billion of issuance. We discuss in this report CFOs’ typical structure, common credit protections, and issuance volume, as well as our analytical considerations for KBRA-rated CFOs and rating performance since inception. Read more

Q4 2024 Middle Market Borrower Surveillance Compendium—5% at Risk

Corporates | 4 February 2025

This quarter, we reviewed the more than 2,200 KBRA assessments completed for 1,903 unique middle market-sponsored borrowers in 2024. These companies collectively account for $922 billion in debt. We then identify and describe the roughly 5% of companies in this portfolio that appear most at risk to default in 2025. Read more

FFA 2025 Global Fund Finance Symposium Recap

Funds | 27 February 2024

KBRA releases a recap of the Fund Finance Association’s (FFA) 14th Annual Global Fund Finance Symposium held at the Fontainebleau in Miami Beach on February 24-27. The event was well attended with over 2,500 registrants. Read more


Private Credit: 2025 Outlook

Corporates | 14 January 2025

KBRA covers its expectations for the private credit industry in 2025. How will a new administration and more M&A affect credit quality? Where and how are direct lenders pivoting their businesses to capitalize on the next leg of growth?  Read more

NEWS RECOGNITION

Coverage of KBRA Maturity Data and Default Projections, Bloomberg Markets Magazine| February/March Issue

Direct Lenders Face Rising Default Risks, Analysis Firm KBRA Says, WSJ Pro | 4 February 2025

Regulations, ABL and IG debt top of mind in 2025, Private Debt Investor | 16 January 2025

Coverage of KBRA’s 2025 Private Credit Outlook, Financial Times | 14 January 2025

Private Credit Metrics Near Trough with Rate Cuts, KBRA Says, Bloomberg | 4 November 2024

KBRA Sees a Tension in the Rating of Feeder Funds, Private Debt Investor | 25 October 2024

WEBINARS & PODCASTS

2025 Outlook for Private Credit & Borrower Performance

KBRA’s webinar “2025 Outlook for Private Credit & Borrower Performance Webinar” took place on Wednesday, February 5. Discussion topics include:

  • Macroeconomic backdrop for private credit 

  • Our outlook on middle market borrowers

  • The expanding categories of private lending

NAVigating the Private Equity Landscape

KBRA’s webinar “NAVigating the Private Equity Landscape—NAV Loans Still Perform” took place on Tuesday, November 19. Our sector experts discussed the following topics:

  • Drivers for continued growth in NAV loans

  • NAV loans to secondaries vs. PE funds

  • KBRA’s analytical considerations

  • Observations on issuance trends

Feeder Fund Rated Notes and Credit Facilities

KBRA’s webinar “Feeder Fund Rated Notes and Credit Facilities” took place on Thursday, December 5. Discussion topics included:

• Observations on growth and issuance trends

• KBRA’s analytical considerations and rating performance

• Credit Facilities vs. Rated Notes

• Legal and credit considerations relating to Rated Notes

European Project Finance & Infrastructure Clean Energy and Data Center Opportunities in 2025 Amid Macro Headwinds

KBRA podcast “European Project Finance & Infrastructure, Clean Energy and Data Center Opportunities in 2025” took place on Tuesday, January 5th. Discussion topics include:

  • European PF&I 2024 performance in review

  • 2025 opportunities amid three main tailwinds

  • Greater reliance on private credit involvement

RANE Insights: Unpacking the Private Credit Markets

In a recent episode of the RANE Insights podcast, Jim Nadler, President and CEO of KBRA, joined RANE Founder David Lawrence to delve into the dynamics of the private credit market. The discussion highlights the growth trajectory of private credit, its role in addressing financing gaps, and the importance of robust risk assessment in this expanding sector.

THE CRED Convos: The Evolution of the Rated Funds Market

Dechert global finance partner Lindsay Trapp sits down with Thomas Speller, Senior Managing Director and Global Head of Fund Finance at KBRA, to discuss the expansion of asset classes, the methodologies for rating these assets, the impact of leverage on ratings, the complexities of evergreen fund structures and much more!

MEET THE TEAM

Analytical

  • Bill Cox

    BILL COX

    Global Head of Corporate, Financial and Government Ratings
    +1 (646) 731-2472
    [email protected]

  • Andrew Giudici

    ANDREW GIUDICI

    Global Head of Corporate, Project,
    and Infrastructure Finance
    +1 (646) 731-2372
    [email protected]

  • ERIC NEGLIA

    Sr. Managing Director
    Global Head of Funds Ratings
    +1 (646) 731-2456
    [email protected]

  • TOM SPELLER

    Sr. Managing Director
    Global Head of Fund Finance
    +44 20 8148 1025‬
    [email protected]

  • ERIC HUDSON

    Sr. Managing Director
    Co-Head of Global Structured Credit
    +1 (646) 731-3320
    [email protected]

  • SEAN MALONE

    Sr. Managing Director
    Co-Head of Global Structured Credit
    +1 (646) 731-1452
    [email protected]

  • JOE SCOTT

    JOE SCOTT

    Sr. Managing Director
    Financial Institutions
    +1 (646) 731-2438
    [email protected]

  • Teri Seelig

    TERI SEELIG

    Managing Director
    BDCs & Financial Institutions
    +1 (646) 731-2386
    [email protected]

  • SHANE OLALEYE

    Managing Director
    Corporates
    +1 (646) 731-2432
    [email protected]

  • MIN XU

    Managing Director
    Funds
    +1 (646) 731-1463
    [email protected]

  • JOHN SAGE

    Sr. Director
    Ratings General
    +1 (646) 731-1452
    [email protected]

Business Development

Visit www.kbra.com to view our ratings and research.

© 2010- Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.