THE PIONEERS OF PRIVATE CREDIT

KBRA has unique insight into the Private Credit landscape and trends across research pieces, webinar discussions, and thorough rating analysis. Scroll down to learn more about what sets us apart.

Scroll down to learn more.

Market Leader

MARKET LEADERS

Market leader with over 140 ratings of notes and debt facilities for private credit funds

MORE RATINGS

KBRA rates 29 BDCs, more than any other rating agency

WORLD LEADERS

KBRA maintains credit ratings on 49 of the world’s leading private assets managers who have raised over $19 billion with KBRA only ratings

MIDDLE MARKET

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

UNDERLYING ASSETS

KBRA has produced over 3,000 credit assessments or credit ratings for middle market borrowers in private credit portfolios

Named Best Ratings Provider

Hedgeweek & Private Equity Wire European Credit Awards 2023

KBRA was named winner in the Best Ratings Provider category at the Hedgeweek and Private Equity Wire European Credit Awards 2023 ceremony held on October 26th in London.

The awards recognize excellence among private equity fund managers and service providers in Europe across a range of categories.

Insightful Research

First-Quarter 2024 Middle Market Borrower Surveillance Compendium

Corporates | 7 May 2024

This inaugural quarterly compendium provides statistics related to KBRA’s surveillance of 462 middle market (MM) corporate credit assessments in Q4 2023 and 450 assessments in Q1 2024.
Read more

12% Is Here–First Look at Interest Coverage and Liquidity for Middle Market Borrowers by Sector

Corporates | 22 February 2024

In this second of a series of research articles regarding the 2024 outlook for private credit middle market borrowers, we examine the status of two variables that KBRA believes are worthy of focused attention in 2024: interest coverage and liquidity.
Read more

Fourth-Quarter 2023 Business Development Company (BDC) Ratings Compendium

Financial Institutions | 28 March 2024

In this quarter’s Compendium, KBRA examines the BDC sector’s funding sources, highlighting that the use of traditional bank revolving credit facilities continues to decline due to constraints on bank balance sheets and the pending Basel 3 Endgame proposal. Read more

Potential for European MM and Direct
Lending CLOs

Structured Credit | 22 February 2024

KBRA has observed increasing momentum in the formation of a European middle market (MM), including collateralised loan obligations (CLO) and other direct lending vehicles, amid the rapid expansion of global private credit.
Read more

In The News

A Year in Review: Mid-Market Lending

Private Debt Investor, April 2023

Events & Webinars

KBRA Private Credit Webinar: BDC Update

Topics Include:

  • KBRA’s expectations for 1Q24 financial results

  • How is portfolio quality holding up?

  • Liquidity and funding update

  • Continued growth in perpetual, non-traded BDCs

  • Other trends and topical Issues

KBRA Private Credit Webinar - Interest Rate Stress Begins to Impact Private Credit Loans

Investor Insights

The 2023 Private Credit Direct Lending Conference on Middle Market Finance

The Bottom Line - Raising Insurance Capital: Latest Developments in Collateralized Fund Obligations and Rated Feeders

Mind on the Middle: Exploring the Middle Market & Private Credit Opportunity

Proximo’s Financing America's Infrastructure 2023 & Americas Digital Infrastructure Finance 2023

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]

  • JOE SCOTT

    JOE SCOTT

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

  • ERIC HUDSON

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

  • GOPAL NARSIMHAMURTHY

    Senior Managing Director
    Global Head of Funds Ratings
    +1 (646) 731-3392
    [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]

  • TOM SPELLER

    Managing Director
    European Funds
    +44 20 8148 1025‬
    [email protected]

Business Development

Contact Us

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

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