# Private credit stress — PENDING
id private-credit · Markets · horizon acute · checked — · at this level since — · stale after —
Assessed by an AI model (Anthropic Claude) against published rubrics; not a forecast or advice · CC BY 4.0 · https://canary.danleech.com/s/private-credit

Not assessed yet; the next scheduled run will rate it.

Why it matters: Private credit has grown fast outside bank regulation; its losses surface late and can spill into banks, insurers and pension funds.
What moves it: Defaults among leveraged mid-sized borrowers, payment-in-kind interest, fund redemption requests, bank lending to funds.

Rubric — Alert: Several large funds gate at once, forced asset sales, or losses spreading to banks or insurers. | Watch: A large fund limits redemptions, listed BDCs trade at wide discounts to NAV, or a cluster of borrower defaults with heavy losses. | Normal: No notable fund gates, defaults or markdowns beyond the routine.