According to moody's report, companies backed by private equity have a higher default frequency than other speculative-grade borrowers. Moody's stated in a report released on Thursday that the default rate of private equity-backed companies from January 2022 to August this year was 17%, double that of non-private equity-backed companies. Among the 12 largest private equity sponsors rated by Moody's, the default rate of their portfolio companies is slightly lower, at around 14%. The report indicates that among the top 12 rated by Moody's, Platinum Equity has the highest number and proportion of defaults, followed by Apollo and Clearlake Capital Group. Moody's stated that Platinum and Clearlake have the highest leverage ratios, while Apollo's leverage ratio is close to the average level of the top 12.