This report does not constitute a rating action. LONDON (S&P Global Ratings) Nov. 5, 2026--Credit quality holds firm in the European and North American private credit and middle markets, according to a report published today (see"European And North American Private Credit And Middle-Market Comparison For Q4 2026"). The cohorts of European and North American credit-estimated borrowers reviewed over the 12 months to September 2026 differ significantly in scale. The European base is substantially smaller, with 286 credit-estimated borrowers, compared with 3,073 credit-estimated borrowers in North America reviewed over the same period. Despite this difference in scale, the credit-estimate distribution is broadly similar across the two regions. Credit metrics follow broadly similar patterns across the two regions, although
