This report does not constitute a rating action. Chart 1 This is our inaugural edition of our U.S. credit estimate default forecast. Credit estimates are point-in-time, confidential indications of our likely rating on unrated entities or instruments. Corporate credit estimates are primarily used in our analysis of middle-market CLOs. These are not the same as our long-term credit ratings, but they do offer a view of direct lending market, which is the largest strategy within private credit. S&P Global Ratings currently has over 4,000 unique credit estimates outstanding For more information on how credit estimates are derived and their meaning, please see"Credit FAQ: Anatomy Of A Credit Estimate: What It Means And How We Do It ,"Jan.
