Banks Losing Health Care Debt to Private Lenders, Moody’s Says

Health care companies are increasingly tapping private credit firms for their financing needs, marking a win for direct lenders against their Wall Street peers, according to Moody’s Ratings.

Private credit has snagged about $21 billion of debt tied to health care companies over the past four years, refinancing it away from the broadly syndicated market, Moody’s said in a report Tuesday. About $10 billion of that volume was added in 2025, the ratings firm said.