Private Credit Default Rate Falls Slightly in April: Fitch

The trailing 12-month default rate across 1,200 borrowers of private debt tracked by Fitch Ratings fell slightly to 4.4% in April, down from 4.5% a month prior, according to a report released Tuesday.

• Fitch expects “elevated levels of defaults through year-end” due to liquidity pressures and higher base rates, according to the report
• Five of the Fitch-tracked borrowers defaulted in April, three of which were repeat defaulters
• The new defaults were from a chemicals firm that began deferring its interest payments and an industrial manufacturing company with an unresolved payment default
• The ratings firm recorded 53 unique defaults in the ...