“First Brands, if it was rated by us, would not have been considered in any way, shape, or form a private credit transaction,” said Bill Cox, chief rating officer at Kroll Bond Rating Agency (KBRA), which tracks thousands of private credit loans. “Its main debt was full-on public, broadly syndicated loans.”But credit analysts and executives who spoke to Fortune have mixed views on Wall Street’s panic. Several argue that the failures aren’t private credit problems at all. According to them, these instances a ...