Fitch Ratings on Market Trends & Risks
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Fitch Ratings on Market Trends & Risks
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In the latest episode of "Credit Matters," guest Meghan Neenan (NA / Head of North America Non-Bank Financial Institutions, Managing Director) joins host Shankar Ramakrishnan and co-host Bruce Clark to explain what private credit is, how it has grown since the global financial crisis, and why it matters for financial markets.
Neenan breaks down key segments such as direct lending and business development companies, discusses fund financing tools like NAV facilities, and explains how bank regulatory capital and leveraged lending guidance helped shift lending outside banks. The conversation covers cyclicality, refinancing and amend-and-extend dynamics, PIK features, and Fitch’s due diligence and rating approaches, including macroeconomic inputs and lessons from the GFC.
They also address recent stress headlines, redemption-driven liquidity concerns, retail participation, dispersion among managers, and why Fitch sees private credit as systemically relevant but not likely to trigger broad contagion.
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