Metrics Credit Partners, which manages two ASX-listed credit funds and originates its own corporate loans, has reported that some of its borrowers are seeking to defer interest payments until their operations return to normal.Metrics also said some covenant waivers have been requested."[Metrics] is of the view that some loans held within the [MCP Master Income Trust] are exposes to working capital/liquidity squeeze," it said in an investor update.Metrics managing partner Andrew Lockhart said: "We have stressed the portfolio. Companies tell us their debtor collections are getting harder. We need to see whether the companies we are lending to have the wherewithal to get through difficult times."Speaking on an investor webcast yesterday, Lockhart said Metrics currently had no borrowers in default or in arrears, and there were no breaches of covenants.In the event there were arrears, he said Metrics had sufficient cash to allow it to continue pay its target distributions.The make-up of loans in the A$1.3 billion MCP Master Income Trust, which has a target return of the cash rate plus 3.25 per cent, is 4 per cent AA-rated, 2 per cent A, 46 per cent BBB, 40 per cent BB and 7 per cent B.Eighty-seven per cent of the loans are ranked senior.Industry diversification includes: 25 per cent real estate management and development; 20 per cent real estate investment trusts; 7 per cent hotels, restaurants and leisure; and 7 per cent healthcare providers.The $350 million MCP Income Opportunities Trust, which has a target cash return of 7 per cent and total return of 8 to 10 per cent, has 47 per cent senior debt, 34 per cent subordinated, and 16 per cent equity.Lockhart says: "The corporate loan market remains open. While new-money primary lending is slowing, loan transactions negotiated pre-COVID-19 are being successfully closed. The Australian corporate bond market is effectively closed at present."He said Metrics avoided sectors such as media and resources, where earnings are cyclical."What we see coming out of this is that lenders will demand more collateral from corporate borrowers. They will want to have controls in place to secure their interests."