Private Credit: “Bad Vibes” and the Changing Conversation

Private credit has hit a speed bump in the US, where the market is rapidly pivoting from growth to stricter risk discipline. At our flagship “Credit Frontiers” event, we sat down with Moody’s leaders to discuss what’s behind these “bad vibes” about private credit and what they’re hearing from market participants about the trajectory of the asset class.

Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody’s Ratings

Guests:

• Marc Pinto, Managing Director, Global Head of Private Credit, Moody’s Ratings
• David Hamilton, Managing Director, Head of Asset Management Research, Moody’s Analytics

Related Research:

• Private Credit – Global – Volatility will intensify focus on liquidity, transparency 22 April 2026 (https://www.moodys.com/research/Priva...)
• Private Credit – Global – Seven key ways private credit is changing 14 May 2026 (https://www.moodys.com/research/Priva...)
• Private Credit – US – Asset quality indicators point to emerging risk in private credit direct lending 28 April 2026 (https://www.moodys.com/research/Priva...)
• Moody’s Private Credit Insights (https://www.moodys.com/web/en/us/insi...)