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
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
Research Report | 31 October 2024
Feeder Fund Rated Notes— Squaring the Circle
Research Report | 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
Research Report | 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
Business Development Company (BDC) Ratings Compendium: Second-Quarter 2024
Financial Institutions | 10 September 2024
Khoros’ Potential Default Sprinkled AcrossPrivate Credit
Corporates | 27 August 2024
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
Climate Policy Under Trump, Bloomberg Businessweek | 8 November 2024
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
Blackstone, Apollo Step Up Pursuit of Investment-Grade Loans, Bloomberg | 21 October 2024
Loan Note: Regulation and other hot topics facing LPs; KBRA examines role of preferred equity, Private Debt Investor | 7 October 2024
Insurance Capital: Rich rewards for those that can step up, Private Debt Investor | 2 September 2024
Loan Note: KBRA find good EBITDA figures fending off defaults; ACME’s new hire and fund launch, Private Debt Investor | 12 August 2024
NEWS RECOGNITION
WEBINARS
KBRA Private Credit Webinar: NAV Loan
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
KBRA speakers:
Eric Neglia, Senior Managing Director, Global Head of Funds Ratings
Thomas Speller, Managing Director, Global Head of Funds Finance
Min Xu, Managing Director, Funds
MEET THE TEAM
Analytical
-
BILL COX
Global Head of Corporate, Financial and Government Ratings
+1 (646) 731-2472
william.cox@kbra.com -
ANDREW GIUDICI
Global Head of Corporate, Project,
and Infrastructure Finance
+1 (646) 731-2372
andrew.giudici@kbra.com -
JOE SCOTT
Sr. Managing Director
Financial Institutions
+1 (646) 731-2438
joe.scott@kbra.com -
ERIC NEGLIA
Senior Managing Director
Global Head of Funds Ratings
+1 (646) 731-2456
eric.neglia@kbra.com -
TOM SPELLER
Global Head of Funds Finance
+44 20 8148 1025
thomas.speller@kbra.com -
TERI SEELIG
Managing Director
BDCs & Financial Institutions
+1 (646) 731-2386
teri.seelig@kbra.com -
SHANE OLALEYE
Managing Director
Corporates
+1 (646) 731-2432
shane.olaleye@kbra.com -
MIN XU
Managing Director
Funds
+1 (646) 731-1463
min.xu@kbra.com -
John Sage
Sr. Director
Ratings General
+1 (646) 731-1452
john.sage@kbra.com
Business Development
-
JASON LILIEN
Sr. Managing Director
Structured Credit
+1 (646) 731-2442
jason.lilien@kbra.com -
CONSTANTINE SCHIDLOVSKY
Sr. Director
Funds
+1 (646) 731-1388
constantine.schidlovsky@kbra.com -
MITEN AMIN
Managing Director
Europe and UK
+44 20 8148 1002
miten.amin@kbra.com -
JUSTIN FULLER
Managing Director
Financial Institutions
+1 (646) 731-1250
justin.fuller@kbra.com -
MICHAEL CARO
Sr. Director
Corporates
+1 (646) 731-2382
michael.caro@kbra.com -
TRENT OTTOSON
Sr. Director
Corporates
+1 (646) 731-1401
trent.ottoson@kbra.com -
HEATHER BUHMANN
Director
Investor Relations
+1 (646) 731-1305
heather.buhmann@kbra.com -
PAUL DE LANGE
Director
Europe and UK Investor Relations
+44 20 8148 1055
paul.delange@kbra.com
Visit www.kbra.com to view our ratings and research.
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