The rapid growth of private credit in recent years is changing the global capital market landscape. With this growth comes an increased potential for systemic risk in this market, so choosing the right private credit ratings provider is a key decision.
1. KBRA
As one of the best private credit ratings providers, KBRA was awarded “Ratings Provider of the Year” at the 2024 Private Equity Wire U.S. Credit Awards and won the same award at the European awards in 2025. It was also named “ABS Rating Agency of the Year” at Global Capital’s U.S. Securitization Awards in 2025.
KBRA provides forward-looking credit analysis and research that unlocks the complexities of the private credit market and specializes in middle-market borrowers, CLOs and private asset-backed transactions. Offerings such as Private Monitored Rating and Private Ratings for Investors showcase clear credit rating rationales and specialist sector analysis. KBRA is known for transparency, and unlike traditional agencies, it publishes its rating methodologies. It provides ratings through confidential data rooms and offers integration with investor platforms.
2. Moody’s
Moody’s is a long-established global credit rating agency and bond rating agency. In 2025, it announced a partnership with MSCI Inc. to enhance private credit risk assessments. The enterprise offers extensive sector coverage, with a focus on public entities. They also specialize in sub-sovereigns, infrastructure, project finance and financial institutions, using over 190 rating methodologies to reduce investor uncertainty.
Products include entry-level credit ratings for issuers, and the company’s suite of private, monitored credit rating services is delivered via a confidential data room. Moody’s offers comprehensive data services and analytical platforms, and is known for its engagement with analysts and market participants.
3. Fitch Ratings
Considered one of the “Big Three” credit rating agencies with Moody’s and S&P, Fitch Ratings has over one hundred years of history in the credit ratings industry. Private credit ratings are provided in several key areas, including non-bank financial institutions, structured finance, structured credit, fund and asset managers, corporates, and infrastructure.
Fitch Ratings offers a wide variety of tools, methodologies and indices, as well as research and analytical products to help investors manage risk. The business is also known for providing a range of additional, human-generated insights that go beyond automated ratings. With offices in 28 countries, Fitch Ratings blends global expertise with local knowledge.
4. S&P Global Ratings
S&P is considered to be the largest CRA and can trace its history back to 1860. Private credit rating services include those for direct lending, middle-market CLOs, private equity and fund financing. It also provides credit ratings and analysis for alternative investment funds, subscription-line facilities, and data center projects.
The S&P rating scale — known for issuing dynamic ratings with minimal lag — has been designed to facilitate informed decision-making. The firm has maintained its dominant market share and employs over 1,500 analysts.
5. DBRS Morningstar
Originally founded in Canada, DBRS Morningstar was acquired by Morningstar in 2019 and is now the fourth-largest global credit rating agency. It has a particularly good reputation in structured finance markets but also provides ratings for corporate finance, financial institutions, governments and public institutions, with an emphasis on transparency.
DBRS Morningstar’s European presence continues to expand, as the European Central Bank recognizes it as an External Credit Assessment Institution. The brand prides itself on its tech-forward approach. Its Viewpoint platform aims to streamline the credit rating process, and tools such as PitchBook make it easy for clients to research private capital markets.
Choosing the Best Private Credit Ratings Provider
There are a number of key issues to consider when selecting a provider. Here is an overview of what to consider when choosing the best private credit ratings provider for your unique requirements:
| Credibility and reputation | What is the agency’s track record and market reputation? Check their regulatory recognition. |
| Ratings methodology | Is the company’s methodology transparent and documented? Are ratings consistently applied across sectors, and do they offer tailored methodologies for specific asset types? |
| Analytical expertise/sector coverage | Does the agency have experience in your sector? Consider the expertise of company analysts and the extent of global versus local knowledge, as that pertains to your exposure. |
| Performance | Investigate the accuracy of previous ratings and success in predicting defaults or downgrades. Does the agency publish performance reports? |
| Cost and value | Is the pricing model transparent, and does the value of the insights justify the cost? |
| Technology/integration | Are ratings and research delivered via API, dashboards, or data feeds? What about integration with your systems? |
| Client support | What level of support will you receive? Do they offer custom insights for your specific needs or training on how to interpret their ratings? |
Making the Right Choice for Financial Clarity
Selecting the best private credit ratings provider is essential for making informed investment decisions and managing risk effectively. As the private credit market continues to grow, a ratings provider’s accuracy, transparency, and credibility can significantly impact the outcomes of investors and institutions alike.
By carefully considering factors like methodology, market reputation and sector expertise, stakeholders can align with the best private credit ratings provider for their needs, empowering more confident financial strategies in an increasingly complex environment.
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