Financial Times: Stress in private credit returns to 2017 levels as defaults rise

Financial Times analysis says stress in private credit has climbed back to levels last seen in 2017, signaling growing strain in a fast-expanding market. The report points to rising trouble in portfolios, including more loans moving into non-accrual status and a pickup in defaults among large private-credit lenders. The trend matters because private credit has become a major source of financing for businesses, and worsening loan quality could lead to tighter lending conditions and losses for investors.