Morningstar Credit Analytics Cuts Through Private Market Opacity with Standardized Corporate Credit Analytics

Morningstar Credit Analytics, a wholly owned subsidiary of Morningstar, Inc. , launched Corporate Credit Analytics, a new set of tools designed to bring greater transparency and consistency to private credit analysis.

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“Private credit decisions are still shaped by incomplete and inconsistent information. That distortion makes it harder to compare risk and defend decisions,” said Brian Grow, president of Morningstar Credit Analytics. “Corporate Credit Analytics replaces public-market comparisons with aggregated private‑company data. Credit teams can now have a common, data-driven, and defensible framework to help evaluate and benchmark borrower performance, from initial underwriting and portfolio surveillance through investment committee and fund investor reporting.”

According to PitchBook’s 2025 Annual Global Private Debt Report, private credit has grown to more than $2.5 trillion in assets, yet it remains structurally opaque. As reliance on issuer‑specific assumptions grows, institutional investors and regulators have raised concerns about how risk is measured, compared, and communicated.

A Standardized Framework for Private Credit Analysis

Corporate Credit Analytics is built to address a growing challenge in private credit analysis: fragmented, non-comparable data, a gap the Financial Stability Board identified in its 2026 private credit report. The platform brings three tools together designed to create consistent, comparable credit analysis:

• Data Explorer surfaces aggregates of real company financial statements and loan-level data sourced from private company disclosures, rather than public comparables. The data set includes approximately 80 metrics spanning financial statements, debt schedules, covenant thresholds, credit estimates, and key credit ratios including EBITDA to interest expense, debt to EBITDA, cash flow to debt, leverage, and liquidity.

• Data Overview provides configurable visualizations of trends, ratio distributions, and key performance metrics across private credit rating categories and industries, supporting portfolio insights and effective communication with investment committees and stakeholders.

• The Credit Estimate Tool generates ratings-aligned credit risk scores for private and limited-disclosure borrowers using methodologies consistent with Morningstar DBRS frameworks. Outputs are mapped to familiar rating categories and benchmarked against aggregated segment statistics by industry, region, and credit quality.

“With real financials, loan-level information, and credit estimate scoring in one place, users can now evaluate risk at a level that hasn’t been possible before,” Grow said.

Built for Institutional Credit Market Participants

Corporate Credit Analytics is designed for institutional users across the private credit ecosystem, including direct lenders, portfolio managers, CLO managers and structurers, bank credit teams, debt capital markets professionals, and ratings advisory functions. Use cases span underwriting, portfolio construction, fund investor communications, securitization, rating agency engagement, and ongoing surveillance—intended to help credit teams move faster and maintain consistency across investment committees, fund investors, and regulators. Users can access data and insights through the Morningstar Credit Analytics platform or via APIs, with upcoming Model Context Protocol (MCP)-enabled connectivity for AI-driven and agentic workflows.

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