Fitch reports record 9.2 percent US private credit defaults
U.S. private credit defaults reached a record 9.2% in 2025. Fitch Ratings attributed the rise to high interest rates impacting smaller middle-market firms.
Xurve View
Xurve View
The default rate for corporate borrowers within the private credit market in the United States climbed to a historic high of 9.2% in 2025. According to a report released by Fitch Ratings, this surge represents a significant increase from the previous record of 8.1% established in 2024. The findings were based on a monitor of 302 companies with outstanding private credit debt, identifying 38 default events across 28 distinct borrowers.
