KBRA releases research examining how private credit’s exposure to First Brands Group LLC is minimal. Our analysis also indicates that none of the company’s nearly $6 billion in broadly syndicated loans (BSL) were originated by any private credit direct lending platforms.

In addition to its term loans, the company’s bankruptcy petition revealed a further $2.3 billion in off-balance sheet obligations, nearly $600 million in asset-based loans from a bank, and over $800 million in supply chain financing owed to 30 unsecured creditors—primarily trade and commercial finance companies, banks, hedge funds, and other operating businesses. Overall, private credit firms had only limited exposure across the company’s more than $9 billion in debt.

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KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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