Insurance, private IG and ratings

Where the hours go

1. Shadow-rating against agency criteria
2. Monitoring rated private credits
3. Capital-charge and designation checks

AI workflows for this sector

PCT-027	Shadow-rate a borrower on the agency's own grid, then re-score your internal ratings when financials land Research & ratingsratings	Vendors Credit Benchmark, Lumonic, Moody's, Orion (Private Credit AI), Fitch Ratings +7 · See all vendors for this stage →	Buildable in-house
PCT-034	The SEC asked how you calibrate your marks. An agent builds the evidence pack for every Level 3 loan Live demo BDCsDirect lendingmonitoring	Vendors The LoanEdge, 73 Strings, Chronograph, Cobalt, Oxane Partners +1 · See all vendors for this stage →	Buildable in-house
PCT-037	CLO compliance what-if: if these five loans drop to CCC, which OC test fails first? CLOsmonitoring	Vendors No vendor verified	Vendor + in-house
PCT-042	CLO equity and mezz surveillance: 30 deals, 12 managers, one cushion table the morning reports land CLOsmonitoring	Vendors No vendor verified	Vendor + in-house
PCT-062	The private letter rating pack: assemble what the rating agency and the insurer's regulator will ask for, with every figure sourced Direct lendingResearch & ratingsclosing	Vendors Fitch Ratings, KBRA, 9fin, AlphaSense, Blueflame AI +8 · See all vendors for this stage →	Buildable in-house

Latest news

1. 16 Oct 2026Private credit

   KBRA affirms MSC Income Fund (MSIF) at BBB-, issuer and senior unsecured; Outlook Stable

   BBB- is the lowest investment-grade notch. KBRA ties positive momentum to unsecured debt of at least 60% of total debt and leverage within the target range. The non-accrual figure at cost is about three times the figure at fair value.

   Source: KBRA ↗

2. 16 Oct 2026Private credit

   S&P revises Blackstone Private Credit Fund (BCRED) outlook to Stable from Positive; affirms BBB-

   The largest non-traded private credit BDC loses its Positive outlook ahead of final Q3 repurchase figures. 'BBB-' is the lowest investment-grade notch for a fund that issues unsecured notes.

   Source: S&P Global Ratings ↗

3. 15 Oct 2026Private credit

   Goldman Sachs and Phoenix Financial form a credit partnership; Phoenix expects to deploy more than $4bn

   Insurer and asset-manager partnerships remain a main channel for new private credit capital, alongside the retail redemptions seen elsewhere.

   Source: Goldman Sachs Asset Management press release ↗ · more ↗

4. 15 Oct 2026Private credit

   Fitch peer review of 8 US BDCs: non-accruals at 2.7% of cost; NII squeezed; one Outlook to Negative

   A sector read on BDC credit before Q3 results. Check whether a non-accrual figure is at cost or at fair value before you benchmark against it.

   Source: Fitch Ratings ↗

5. 15 Oct 2026Private credit

   Fitch revises New Mountain Finance's Outlook to Negative, affirms 'BBB-'

   'BBB-' is the lowest investment-grade rating, so the Outlook matters for a BDC that funds with unsecured notes.

   Source: Fitch Ratings ↗

6. 15 Oct 2026Private credit

   Liberty Mutual Investments and Elda River form a strategic partnership targeting up to $500 million in credit investments

   Insurer-backed private credit capacity aimed at energy-transition middle-market credit. Treat $500 million as a target, not committed AUM.

   Source: Elda River newsroom (Business Wire) ↗ · more ↗

Public data: what you can and can't get

• Published rating methodologies (free with registration at most agencies)
• Insurer statutory statements (Schedule D) via state regulators/NAIC, often for a fee
• Private letter ratings themselves are not public

Sector descriptions are general and educational. Not investment advice.