
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

UNIQUE INSIGHTS
Business Development Company (BDC) Ratings Compendium: Third-Quarter 2024
Financial Institutions | 6 December 2024
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

AWARDS
KBRA is Named Ratings Provider of the Year
KBRA is honored to be named Ratings Provider of the Year at the Private Equity Wire European Awards 2025 dinner held this Thursday in London.

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
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
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
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
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BILL COX
Global Head of Corporate, Financial and Government Ratings
+1 (646) 731-2472
[email protected] -
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
Sr. Managing Director
Financial Institutions
+1 (646) 731-2438
[email protected] -
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
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JASON LILIEN
Sr. Managing Director
Structured Credit
+1 (646) 731-2442
[email protected] -
JUSTIN FULLER
Managing Director
Financial Institutions
+1 (646) 731-1250
[email protected] -
MITEN AMIN
Managing Director
Europe and UK
+44 20 8148 1002
[email protected] -
CONSTANTINE SCHIDLOVSKY
Sr. Director
Funds
+1 (646) 731-1388
[email protected] -
MICHAEL CARO
Sr. Director
Corporates
+1 (646) 731-2382
[email protected] -
TRENT OTTOSON
Sr. Director
Corporates
+1 (646) 731-1401
[email protected] -
HEATHER BUHMANN
Director
Investor Relations
+1 (646) 731-1305
[email protected] -
PAUL DE LANGE
Director
Europe and UK Investor Relations
+44 20 8148 1055
[email protected]
Visit www.kbra.com to view our ratings and research.
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