Software Credit Below 80: Who Survives AI in a $40B Loan Market? | Alec Keblish & Matthew Hughes (9fin) #08

A growing pool of software loans is trading below 80 as the market reassesses durability, pricing power, and AI disruption risk.Josef Pschorn speaks with Alec Keblish and Matthew Hughes of 9fin about which software credits look fragile, which still have resilience, and how investors should distinguish repricing from real impairment in software credit.Key takeaways:Loans below 80 need a more differentiated framework than simple “cheap or distressed”Software business models will not be affected equally by AIRecurring revenue and switching costs still matter, but not uniformlyInvestors need to separate spread pain from lasting impairment riskFull analysis: https://open.substack.com/pub/fixedfloating/p/40b-below-80-a-credit-analysts-framework?r=718tew&utm_medium=iosTranscripts and analysis: https://fixedfloating.substack.comConnect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloatingDisclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.#CreditMarkets #HighYield #PrivateCredit #LeveragedFinance #FixedIncome #SaaS #AIDisruption #SoftwareCredit #LBOs #PrivateEquity #CreditAnalysis #DistressedDebt #9fin #BDC #TechDebt