News
Private Credit becomes the ninth asset class
Trade finance, real estate debt, SME loans, receivables and infrastructure debt now list under their own annex, with a specialist review pool.
Private Credit joins the eight asset classes admitted since launch. The annex names the class KPIs (weighted average life, delinquency, recovery, servicer concentration), the evidence Standard 1 and Standard 4 require (loan tape, servicer report, independent credit review) and the specialist pool that reviews the class.
What changes for issuers
A loan book lists as one asset with a loan tape in folder 06. Borrower-level data stays behind the NDA access level; the passport publishes pool-level figures and the Reality Gap for each claim.
What changes for investors
Private Credit assets carry the same RWA Score and Risk Class grammar as every other class. Expect R3 and above where recovery data is thin; the risk drivers say why.
Verification is not investment advice. Figures are as of the dates shown and are restated when passports change.