MARKET LEADER IN PRIVATE CREDIT

220+

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

32

KBRA rates 32 BDCs, more than any other rating agency.

50

KBRA maintains credit ratings on 50 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.

3,500+

KBRA has produced over 3,500 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

This quarter, KBRA reviewed the financial performance of our rated BDCs in a landscape characterized by ongoing competitive pressures, increasing payment-in-kind optionality, declining but still high base interest rates, and the potential for distribution/common dividend cuts. Read more

SuperReturn North American and Private Credit 2024 Conference Recap

Funds | 18 November 2024

KBRA releases a recap of Informa Connect’s 2024 SuperReturn conferences for Private Equity and Private Credit, held in New York on November 12-13.  Read more

Q3 2024 Middle Market Borrower Surveillance Compendium—The End is Near?

Structured Credit | 4 November 2024

We examined how the financial metrics of nearly 1,400 private credit borrowers are at, or near, their trough. But as rates fall, we anticipate positive improvements. 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

Rate Cuts Will Help Most but Not All Borrowers

Corporates | 26 September 2024

Lower rates will be a windfall for most private credit borrowers, but what may  appear as a blessing may not be enough for those already struggling. Read more

Feeder Notes and Credit Facilities Remain Resilient

Funds | 20 September 2024

This report re-examines KBRA’s direct lending corporate credit portfolio, comprising 138 tranches across 87 feeder funds and credit facilities, totaling $22.5 billion of rated debt. Read more

Khoros’ Potential Default Sprinkled AcrossPrivate Credit

Corporates | 27 August 2024

The KBRA-rated transactions with exposure to Khoros’ potential default include 3 rated BDCs, 2 private funds and 2 recurring revenue loan structured credit transactions. Read more

Impact of Pluralsight’s Potential Restructuring Will Be Widely Dispersed and No Effect on Ratings Expected

Corporates | 5 June 2024

Pluralsight had its equity value marked to zero. KBRA has been monitoring Pluralsight’s credit journey because of its presence across 20 KBRA-rated transactions. Read more

NEWS RECOGNITION

WEBINARS

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

MEET THE TEAM

Analytical

Business Development

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

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