NEW YORK — February 2, 2026
Executive Summary
KBRA has announced the expansion of its private credit ratings platform with the formation of a new global business unit dedicated to Corporate Portfolio Finance and Direct Lending. The newly established unit consolidates KBRA’s ratings and research activities across private credit direct lending feeder notes, middle market collateralized loan obligations (CLOs), credit facilities, and related transaction structures. As part of the announcement, Eric Neglia has been appointed Global Head of Corporate Portfolio Finance and Direct Lending and will oversee a global team of 35 analysts based in New York, Chicago, London, and Tokyo. According to the firm, the reorganization reflects sustained growth in private credit and fund finance activity and is intended to enhance analytical coordination, client coverage, and scalability across KBRA’s private credit ratings businesses.
Announcement Overview
KBRA announced the creation of a dedicated Corporate Portfolio Finance and Direct Lending business as part of its broader strategy to align its ratings, research, and analytical resources with the continued expansion of private credit markets. The new unit brings together teams that have historically supported feeder fund rated notes, middle market CLOs, credit facilities, and select synthetic risk transfer structures backed by portfolios of corporate loans, notes, and bonds.
The firm stated that the new platform is designed to centralize analytical expertise across related transaction types and provide a unified structure for servicing lenders, arrangers, investors, and sponsors active in private credit and fund finance markets. According to KBRA, the formation of the unit reflects both the scale and complexity of private credit transactions and the growing demand for ratings coverage across diversified portfolio structures.
The Corporate Portfolio Finance and Direct Lending business will operate as a global platform, integrating analytical resources across North America, Europe, and Asia. KBRA indicated that this global structure supports consistent analytical standards while allowing for regional market expertise and client engagement.
Key Announcement Details
- Announcement type: Business unit formation and leadership appointments
- Effective date: February 2026
- New unit: Corporate Portfolio Finance and Direct Lending
- Primary focus: Private credit direct lending, middle market CLOs, credit facilities, and portfolio-backed structures
- Analyst coverage: Approximately 35 analysts
- Global locations: New York, Chicago, London, Tokyo
- Appointed leader: Eric Neglia, Global Head
- Firm: KBRA
Formation of the Corporate Portfolio Finance and Direct Lending Platform
KBRA stated that the newly established Corporate Portfolio Finance and Direct Lending business consolidates analytical coverage for transactions backed by portfolios of corporate credit assets. These include feeder fund rated notes, middle market CLOs, credit facilities, and selected synthetic risk transfer structures.
According to the firm, the growth of private credit direct lending has driven increased issuance across portfolio-based financing structures, requiring expanded analytical resources and coordinated research capabilities. By bringing these activities under a single global platform, KBRA aims to enhance consistency, depth, and responsiveness in its ratings and research processes.
The platform is positioned within KBRA’s broader structured credit operations and is designed to work closely with related analytical teams. The firm noted that the structure supports integrated oversight across transaction types that share common collateral characteristics and risk profiles.
Leadership Appointment: Eric Neglia
Eric Neglia has been appointed Global Head of KBRA’s Corporate Portfolio Finance and Direct Lending business. In this role, he will be responsible for leading analytical strategy, research priorities, and team coordination across the global platform.
According to KBRA, Neglia brings extensive experience across structured finance, funds ratings, and asset-backed securities. Prior to this appointment, he served as Global Head of KBRA’s Funds Ratings and ABS Ratings teams, where he oversaw analytical coverage for a broad range of fund finance and structured credit transactions.
Before joining KBRA in 2015, Neglia served as Head of Operational Risk Management at MasterCard Worldwide. He also spent 15 years at MBIA Insurance Corporation, where he underwrote asset-backed securities transactions. KBRA stated that his background combines analytical depth with leadership experience across multiple credit disciplines.
Integration With Structured Credit Leadership
As part of the organizational changes, Senior Managing Directors Eric Hudson and Sean Malone will continue to co-head KBRA’s Structured Credit business. Under the new structure, they will report into the Corporate Portfolio Finance platform led by Neglia.
KBRA indicated that this reporting alignment is intended to strengthen coordination across structured credit and private credit ratings activities. The firm noted that middle market CLOs and related portfolio structures represent an area of continued growth and increasing analytical complexity.
According to the company, the integration supports consistent application of analytical frameworks across structured credit and private credit transactions while maintaining specialized expertise within each segment.
Strategic Context: Growth of Private Credit Direct Lending
According to KBRA, the expansion of the Corporate Portfolio Finance and Direct Lending platform reflects sustained growth in private credit markets, particularly within direct lending and portfolio-based financing structures.
The firm noted that private credit direct lending has evolved into a core component of corporate financing, supporting middle market and large-cap borrowers across a range of industries. This growth has been accompanied by increased use of portfolio-level financing solutions, including feeder fund notes, CLO structures, and credit facilities secured by diversified loan pools.
KBRA stated that the increased scale and structural complexity of these transactions has driven demand for expanded ratings coverage and specialized analytical expertise. The firm emphasized that consolidating its analytical resources enables more efficient service delivery and enhanced analytical consistency across transaction types.
Chief Rating Officer Commentary
“The growth of the Private Credit Direct Lending business has been extraordinary, and KBRA’s ratings units that serve that market have grown in parallel, alongside strong growth in our Middle Market CLO and Broadly Syndicated Loan businesses,” said William Cox, Chief Rating Officer at KBRA. “By bringing all relevant analysts together, we can serve lenders, arrangers, and investors more thoughtfully and efficiently. Eric’s unique background of analytical experience and leadership skills position him perfectly to guide this rapidly expanding research and ratings platform.”
Expansion of Global Funds Debt Ratings Leadership
In conjunction with the formation of the Corporate Portfolio Finance and Direct Lending unit, KBRA announced leadership updates within its Global Funds Debt Ratings business. Thomas Speller and Ryon Aguirre have been named Co-Heads of Global Funds Debt Ratings and will report to William Cox.
According to KBRA, the Funds Debt Ratings team will include approximately 40 analysts across key global markets. The team supports ratings coverage for a wide range of funds debt transactions, including subscription facilities, asset-based finance structures, and other fund-level financing arrangements.
The firm stated that the expansion and leadership realignment reflects both growth in transaction volume and increased structural complexity within funds finance markets.
Leadership Background: Thomas Speller
Thomas Speller, Senior Managing Director, joined KBRA in 2021 and has led the firm’s Funds team in Europe while also serving as Global Head of Fund Finance. According to KBRA, Speller brings extensive experience across credit risk analysis and fund finance.
Prior to joining KBRA, Speller served as an Executive Director at Goldman Sachs International. In that role, he worked as a credit risk analyst covering a wide range of industries and products, with a particular focus on private equity funds, hedge funds, and structured lending transactions.
KBRA stated that Speller’s experience across European and global markets positions him to lead the continued expansion of the Funds Debt Ratings business.
Leadership Background: Ryon Aguirre
Ryon Aguirre, Managing Director, has been with KBRA for eight years and has worked across the firm’s Funds and Residential Mortgage-Backed Securities analytical teams. According to KBRA, his experience includes transaction analysis, portfolio monitoring, and ratings oversight.
Prior to joining KBRA, Aguirre worked at Guggenheim Investments, where he focused on Agency RMBS and CMBS trading and portfolio monitoring. Earlier in his career, he served six years in the United States Navy.
KBRA stated that Aguirre’s background combines analytical expertise with operational experience across multiple asset classes.
Continued Growth and Complexity in Funds Debt Ratings
According to KBRA, categories within its Funds Debt Ratings business have expanded rapidly and become increasingly complex. The firm noted that sponsors and lenders are structuring longer-duration vehicles that invest across a broader range of collateral types, with particular growth in asset-based finance.
“Other categories in our Funds Debt Ratings business have also grown rapidly and have become increasingly complex,” Cox said. “Sponsors and lenders are creating longer-duration vehicles investing into an ever-growing variety of collateral types, especially asset-based finance. Tom and Ryon are brilliant thought leaders who will lead KBRA’s Funds Ratings team through the next generation of fund finance and fund investment vehicles.”
Business Development Enhancements
As part of the broader leadership and platform updates, KBRA announced targeted enhancements within its Business Development organization. The firm stated that these changes are intended to align coverage, accountability, and growth priorities across its strategic business lines.
Constantine Schidlovsky will lead U.S. business development efforts for the Corporate Portfolio Finance and Direct Lending platform, reporting to Jason Lilien. Lilien will continue to lead business development for the broader group and for structured credit.
In Europe and the United Kingdom, Miten Amin will continue to serve as business development leader for structured credit. KBRA stated that this structure supports coordinated engagement with clients across regions.
Funds Debt Ratings Business Development Updates
KBRA also announced changes to business development leadership for the Funds Debt Ratings business in the United States. Mike Caro and Rebecca Gudzy will assume responsibility for business development activities for the Funds Debt Ratings platform in the U.S., reporting to Jason Lilien.
In Europe and the United Kingdom, Fantine Jeannon will continue to lead business development efforts for funds debt and related ratings activities. KBRA indicated that these updates reinforce its commitment to coordinated, global client engagement.
Scale of KBRA’s Private Credit Ratings Activity
KBRA highlighted the scale of its private credit ratings activity as part of the announcement. According to the firm, it has completed more than 4,500 credit assessments or ratings for middle market borrowers within private credit portfolios.
The firm also reported issuing ratings on more than 400 fund finance transactions and nearly 300 feeder note and collateralized fund obligation transactions across the United States, Europe, and Asia.
In addition, KBRA maintains credit ratings on 60 of the world’s leading private asset managers and has rated more than 100 middle market CLOs, as well as numerous private credit, private equity, and secondaries facilities.
About KBRA
KBRA is a global credit rating agency registered in the United States, the European Union, and the United Kingdom. The firm is recognized as a Qualified Rating Agency in Taiwan and is designated as a rating organization for structured finance ratings in Canada.
As a full-service credit rating agency, KBRA provides ratings that may be used for regulatory capital purposes in multiple jurisdictions. The firm serves a global client base across public and private credit markets, offering ratings, research, and analytical services across a broad range of asset classes.
Media Contact
Adam Tempkin
Senior Director of Communications
KBRA
Phone: +1 646-731-1347
Source Attribution
Source: Company announcement
