Bank of the Philippine Islands 'BBB+' Rating Affirmed On Supportive Credit Conditions; Outlook Stable

Uneven Liquidity And Strained Valuations Are Pushing Some Funds Toward Debt

Conditions Tighten For Private Equity And Venture Capital

The Impact Of Tighter Liquidity Will Be Uneven Across The Industry 

We Expect Some AIFs To Turn To Debt In Response To Market Challenges

Rising Leverage Will Test Ratings' Foundations

Uncalled Commitments And Dry Powder Can Provide Back-Up For AIFs

Covenants Help To Keep Leverage In Check, But They Are Not A Silver Bullet For Ratings

AIFs Are Using Debt To Play A Growing Role In Global Sustainable Finance

AIFs Have The Rating Headroom To Adapt To Shifting Conditions