// definition
PCDR
Private Credit Default Rate
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Short definition
The Fitch index measuring the default rate across roughly 1,200 middle-market borrowers in private credit. A broadened measure of default, more complete than missed payments alone.
risk atlas
Knowledge map
Intuition
The PCDR tracks private default across a middle-market universe, a stress less visible than listed high yield.
Why it matters now
It works as a direct sensor when private restructurings advance without always passing through a classic public default.
Related analyses
- Private credit, default and gatingDefaults, capped redemptions and regulator vigilance.
- The silent contagion of private creditBridges between banks, insurers, BDCs, crypto and stablecoins.
Related guides
- Analysing private creditValuation, liquidity, leverage, covenants and breaking points.
Related datasets
- debt-risk.jsonDebt Risk Radar snapshot with provenance.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- catalog.jsonMachine-readable catalogue of l0g surfaces.
Signals using it
- MethodologyDebt, interest burden, current stress and structural vulnerability.
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- SEC EDGARBDC filings, 10-K, 10-Q, 8-K and institutional disclosures.
- Financial Stability Board & OFRNon-bank intermediation, financial stability and monitors.
- International Monetary FundGlobal Financial Stability Report and funding stress.
- Bank for International SettlementsGlobal credit, NBFI and market vulnerabilities.