SAAS credit pressure does not mean mass defaults, Michael Kao notes

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Kao sees SAAS credit pressures diverge

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Iryna Sazhynska

13.03.2026

SAAS credit pressure does not mean mass defaults, Michael Kao notes — Kao sees SAAS credit pressures diverge

Michael Kao addressed ongoing turmoil in credit markets related to the so-called SAASpocalypse in a post dated March 13, 2026. Kao stated that he sees a significant distinction between deserved equity multiple compression for software-as-a-service firms and the risk of imminent mass defaults, which he views as unlikely. He also mentioned creating an AI Disruption Basket as part of his analysis.

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Kao’s perspective on the resilience of SaaS credit risk aligns with his earlier critique of flawed market commentaries on CLO equity, where he offered nuanced analysis of structured credit instruments. His ongoing assessment of dividend trends, notably when ECC distributions reached $2.10 by March and prompted a dividend reassessment, further underscores a methodical approach to evaluating shifting financial conditions.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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