The private corporate credit (PCC) market has grown, reaching institutional and retail investors and intensifying scrutiny of valuation practices industry-wide. Because PCC valuation processes are resource-intensive and expertise-driven, LSTA experts developed this practical guide. Using case studies of two hypothetical companies in four different market scenarios, the guide is intended to simplify some of the complexity, explaining the importance of valuation, the standard approaches to determine fair market value, and the ways in which valuation might adapt to changing market conditions.