Private Credit Liquidity. Public Corporate Balance Sheets are Strong Now, But When Will Private Credit Crack?

The percentage of private corporate direct lending borrowers with fixed charge coverage ratios below 1x has risen from 15.9% 1Q22 to **40%** this year 1Q24. This has to be above 50% if not 60% by now. Private credit debtors dont show up in corporate balance sheet statistics. For those in industry, what risks do you perceive here for a liquidity crunch?