The State of Private Credit Markets: Investor Sentiment Versus Fundamentals

U.S. private credit defaults eased in February, according to Fitch Ratings.Market numbers are displayed on a monitor as traders work on the floor of the New York Stock Exchange on March 18, 2026. Angela Weiss/AFP via Getty Images3/22/2026|Updated: 3/22/2026The private credit market showed signs of stabilization in February, with default rates declining, even as investor sentiment continued to weigh heavily on publicly traded private credit funds.According to Fitch Ratings, the U.S. private credit default rate for the 12 months through February declined to 5.4 percent from 5.8 percent in the 12 months through January.