New private credit analysis tool created by Morningstar

By Tue, Jun 2, 2026

'The Corporate Credit Analytics platform brings three tools together to replace fragmented, non-comparable data with consistent, comparable credit analysis,' a Morningstar release said.

Morningstar Credit Analytics, a subsidiary of Morningstar, Inc., has launched Corporate Credit Analytics, “a new set of tools designed to bring greater transparency and consistency to private credit analysis,” according to a release. Private credit has grown to more than $2.5 trillion in assets but remains structurally opaque, according to PitchBook’s 2025 Annual Global Private Debt Report.

“Institutional investors and regulators have raised concerns about how risk is measured, compared, and communicated,” the release said. “Private credit decisions are still shaped by incomplete and inconsistent information. That makes it harder to compare risk and defend decisions.

“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.”

A standardized framework for private credit analysis

The Corporate Credit Analytics platform brings three tools together to replace fragmented, non-comparable data with 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.
Serving the institutional credit market

Corporate Credit Analytics is designed for institutional users across the private credit ecosystem. That includes direct lenders, portfolio managers, CLO managers and structurers, bank credit teams, debt capital markets professionals, and ratings advisory functions.

Use cases include: underwriting, portfolio construction, fund investor communications, securitization, rating agency engagement, and ongoing surveillance.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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