Market Leader in Private Credit
KBRA brings a unique lens to the evolving Private Credit landscape, delivering sharp insights through deep research, dynamic webinars, and rigorous rating analysis.
Private Credit Connect: East—2025 Conference Recap
KBRA's recap of the Private Credit Connect: East conference, held on October 20 at the Eden Roc Hotel in Miami. With up to 720 attendees, the conference reflected the changing tide in the private credit landscape, where direct lenders shared stages and meeting rooms with asset-based financiers and fund finance professionals.
Expanding Use of Ratings in Private Credit
KBRA has over 1,000 ratings of transactions and issuers within the private capital universe and has worked with over 100 sponsors.
Performed 3,500+ underlying credit assessments on middle market sponsor-backed companies in 2024
Latest Private Credit Research
Private Credit Connect: East—2025 Conference Recap
KBRA's recap of the Private Credit Connect: East conference, held on October 20 at the Eden Roc Hotel in Miami. With up to 720 attendees, the conference reflected the changing tide in the private credit landscape, where direct lenders shared stages and meeting rooms with asset-based financiers and fund finance professionals.
Structured Credit Trend Watch: Navigating the Crosscurrents
KBRA analyzes 2025 structured credit trends, highlighting strong CLO issuance despite macro volatility, with $184B in new volume by August and renewed summer momentum.
First Brands, Public Credit’s Concern
KBRA releases research examining how private credit’s exposure to First Brands Group LLC is minimal. Our analysis also indicates that none of the company’s nearly $6 billion in broadly syndicated loans (BSL) were originated by any private credit direct lending platforms.
U.S. Corporate Synthetic Risk Transfer Poised to Attach
KBRA research reviews synthetic risk transfer deals on corporate debt, with U.S. growth expected as banks optimize capital under Fed guidance and Basel 3.
Illness Spreads in Health Care Practice Roll-Ups
In this report, we unpack the challenges faced by the subsector and assess whether these headwinds could continue the trend of lower recoveries observed in the bankruptcy processes for health care roll-ups in 2024.
Recurring Revenue Loan Metrics Dashboard: Q2 2025
In this report, an update to our Q1 analysis, KBRA continues to track and present several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by the issuers of KBRA-rated recurring revenue loan (RRL) asset-backed securities (ABS). This update incorporates collateral tapes dated as of June 2025. For more details on scope and metrics definitions.
Webinars & Podcasts
3 Things in Credit Podcast: Inflection Point, Ares’ Perspective, and Maersk’s Beat
Listen on: Apple Podcasts YouTube Music Spotify
Policy Pulse: The International Association of Insurance Supervisors (IAIS) and Alternative Assets
KBRA's Emilie Nadler and Ryan Mensing discuss the IAIS Draft Paper on life insurers’ growing exposure to private credit and AIR deals, and walk through KBRA’s comment letter highlighting our insights as a leader in the private credit space.
Listen on: Apple Podcasts Spotify
Minority Interests and JV Structures—Through the Looking Glass
This webinar examines how minority-stake JV structures are being used not only to monetize assets but also to finance acquisitions. We explore the implications of these structures for creditors and rated debt, and how KBRA assesses default and recovery risk in such transactions. Key sectors, structural features, and rating drivers behind more than $30 billion in rated issuance are discussed.
BDC Performance Update & 2025 Outlook
Listen to KBRA's Financial Institutions experts as they provide their market insights and expectations regarding BDC performance in 2025.
KBRA’s expectation for 2025 financial results
Portfolio quality and how BDCs are holding up
Liquidity and funding update