Anthropic Secures First Credit Rating of BB+, the Highest Tier of 'Junk Status'

Rating agency KBRA assigned Anthropic a BB+ issuer rating in June this year, the highest tier of speculative (junk) grade, just one notch below investment grade with a stable outlook. This rating applies to approximately $4.4 billion in subordinated debt from a $35 billion chip financing package, issued at a yield of around 8.5%, while senior debt carries a 5.75% interest rate. Due to limited disclosure from Anthropic, KBRA did not obtain metrics including free cash flow and EBITDA, and instead used a 'risk score' to replace a full financial model assessment. As of the end of June, the five-year-old company held zero debt on its own balance sheet. Wall Street is structuring a new $60 billion debt package (including $18 billion in subordinated debt) to fund the acquisition of custom AI chips co-developed by Google and Broadcom. Moody's, S&P, and Fitch will determine the official formal rating after the offering is launched.

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