Default rates across private credit markets have climbed back to their highest level in the short history of a key industry benchmark from Kroll Bond Rating Agency (KBRA), underscoring growing pressure across the $1.8tn direct lending sector, according to a report by Bloomberg.
Data from the KBRA DLD Direct Lending Index shows the trailing 12-month default rate rose to 2.3% of issuers as of Monday—matching the peak recorded at the index’s inception in late 2023.
The index, which tracks roughly 3...
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