Agencies issue 2025 Shared National Credit Program report

Federal bank regulatory agencies today released the 2025 Shared National Credit (SNC) report that indicates credit risk associated with large, syndicated bank loans remains moderate. Credit risk trends continue to reflect the effects of borrowers' ability to manage higher interest expenses and other macroeconomic factors.

The 2025 report reflects the examination of SNC loans originated on or before June 30, 2025. The reviews focused on leveraged loans and stressed borrowers from various industry sectors and assessed aggregate loan commitments of $100 million or more that are shared by multiple regulated financial institutions.

The 2025 SNC portfolio included 6,857 borrowers, totaling $6.9 trillion in commitments, an increase of 6 percent from a year ago. The percentage of loans that deserve management's close attention ("non-pass" loans rated "special mention" and "classified") decreased to 8.6 percent of total commitments from 9.1 percent in 2024. The decline is primarily due to growth in new commitments rather than an underlying improvement in credit quality. U.S. banks hold 45 percent of all SNC commitments. However, they only hold 22 percent of non-pass loans, down slightly from the prior year. Nearly half of total SNC commitments are leveraged, and leveraged loans comprise 81 percent of non-pass loans.