晨星DBRS称2月评级下调比例创新高 私募信贷质量持续恶化

Core Insights - The rating agency Morningstar DBRS reported a record high in the proportion of downgrades in February, indicating a continued deterioration in private credit quality this year [1][2] - The number of downgrades this month is 3.3 times the number of upgrades, surpassing last year's ratio of 2.4 times [1][2] - Morningstar DBRS's Senior Vice President Michael Dimler stated that due to squeezed profit margins across various industries and rising debt levels, the rating outlook for 2026 remains negative [1][2] Industry Analysis - Morningstar DBRS provides private credit ratings for approximately 450 mid-market borrowers in North America and Europe, with an average annual revenue of $250 million [1][2] - The agency is monitoring the disruption risk posed by artificial intelligence (AI) to software companies, although Dimler noted that the current impact of AI on these companies' ratings is not yet significant [1][2] - Dimler compared the current changes to the transition of software from physical distribution to cloud and subscription models a decade ago, stating that while software developers faced performance challenges for several years, those that invested ultimately completed their transformation and improved profitability [1][2]