The recent default of automotive parts supplier First Brands Group following its downgrade from ‘B+’ does not signal increased risk for the traditional direct lending market, according to Fitch Ratings. The agency said First Brands’ debt exposure was primarily tied to broadly syndicated loans (BSL), rather than direct lending. Fitch noted that “the BSL market has significantly greater exposure” to the company’s restructuring, though it described the overall impact on collateralised loan obligations (CLOs) ...