Private credit is reshaping global capital markets at an unprecedented pace. What began as non‑bank lending to middle‑market borrowers, has expanded across asset classes and structures from private placements and asset‑based finance to real estate, infrastructure, and fund finance fueling new competition and partnerships among banks, insurers, and asset managers. As capital shifts further into private markets, opacity increases, risk profiles diverge, and traditional public‑market signals become less reliable.

For more than 100 years, Moody’s has set the standard for understanding credit risk in public markets. We bring that same analytical rigor to private credit providing the insights, data, and research market participants need to identify emerging risks, compare opportunities across strategies, and make more informed decisions in a rapidly expanding and increasingly complex private credit ecosystem.



Private credit headwinds will not slow growth 

After years of astronomical growth, private credit faces volatility from a wave of redemptions, AI disruption and calls for transparency. Retail investment is a wildcard, also raising the stakes. 



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Asset quality metrics point to emerging risk in private credit direct lending

As the private credit markets face escalating volatility, our analysis of 10 key proprietary indicators focuses on where pockets of stress are rising.

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Demand for private credit is driving a surge in fund finance

Private market funds have transformed the once-narrow financing tool into a core portfolio management and fundraising solution, a critical backstop and a key investable asset class.

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Private credit volatility is intensifying the push for greater transparency as risks rise

Alternative asset managers must adapt to rising scrutiny and calls for liquidity as demand for capital grows globally.


Falling defaults, rising fragility

Moody's Analytics unpacks credit risk across 5,000+ US companies and finds improvement on the surface and growing divergence beneath it


Private credit events hub

 

Stay ahead in private markets. Amidst unprecedented uncertainty and volatility, private credit and private equity are about to confront their biggest test in a long time. These markets have experienced strong growth, thriving in both favorable and adverse conditions. However, new obstacles are emerging.


Thursday, April 16

The U.S. Private Credit Industry Conference on Direct Lending

Find out more

 

Thursday, April 23

Credit Frontiers 2026: Where Private Credit's future takes place

Register now

 

Wednesday, April 29

Credit Frontiers Europe 2026: Private markets: opportunities at scale, risks that matter

Register now

 



“Private credit is coming to main street, with an eye on the trillions of dollars in retirement funds. However, retailization also comes with new risks for this illiquid asset class. We are closely tracking developments.”


Marc Pinto, Global Head of Private Credit, mOODY'S rATINGS

Marc Pinto


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MOODY's RATINGS | PRIVATE CREDIT

Unlock new sources of capital with Moody's Ratings

In the dynamic landscape of private credit, market participants can turn to Moody’s Ratings to assess risks and help analyze potential opportunities. 






MOODY's | PRIVATE CREDIT SOLUTIONS


Empower private credit with intelligence and insight

Moody’s helps asset managers, lenders, insurers, banks, and investors turn complex, fragmented information into clear, decision‑ready intelligence for private credit markets. Our vast data coverage, advanced analytics, and AI‑powered workflows are designed to meet professionals where they are across the private credit life cycle, from origination and investment to portfolio management and reporting.


Marc Pinto


Discover more

US corporate credit risk stuck in range, awaiting catalyst

Despite economic shocks and tariff volatility, US corporate credit risk remains range-bound. Moody’s forecasts modest default rate increases, with private credit showing resilience amid rising distressed restructurings.

Read more

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