U.S. Private Credit Defaults Reach Record 9.2% in 2025, Fitch Reports
By
JumpCrisscross
Good intentions, undercooked execution. The bake is missing.
Summary
Fitch Ratings reports that the default rate among U.S. corporate borrowers of private credit reached a record 9.2% in 2025, up from 8.1% in 2024. The analysis of 302 companies with private credit debt showed 38 defaults among 28 different borrowers, with smaller issuers earning $25 million or less comprising the majority of defaults across various sectors.
Key quotes
· 4 pulledThe default rate among U.S. corporate borrowers of private credit rose to a record 9.2% in 2025, according to a report Friday by credit rating agency Fitch Ratings.
In its monitor of 302 companies with outstanding private credit debt, Fitch recorded 38 defaults among 28 different borrowers.
The 9.2% default rate in 2025 follows a previous record 8.1% rate of defaults in 2024.
Smaller issuers with $25 million or less in earnings made up the majority of last year's defaults, which were diversified among sectors, according to the report.
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