Moody's details EDF-X Private Credit Model, powered by Allvue data, scoring 'soft' credit events

One-year point-in-time probabilities of hard credit events (PHCE) and soft credit events (PSCE) such as covenant waivers, amendments and PIK, calibrated on de-identified private credit borrower data contributed by Allvue.

Why it matters for deal teams: Soft events are becoming a scored, standard metric. Internal ratings that only move on default risk will look stale next to it.