Anthropic's Credit Rating Revealed as BB+
10/16/2026 — 10/16, 15:20·1 sources (all)·1 reports (all)
Key takeaways
- Documents obtained by the Financial Times show KBRA assigned Anthropic a BB+ issuer rating in June, the highest speculative grade and previo…
Background & analysis
Documents obtained by the Financial Times show that Kroll Bond Rating Agency (KBRA) assigned Anthropic a BB+ issuer rating in June of this year, a score that had not previously been made public. BB+ sits at the top of the speculative-grade band, one notch below investment grade, and carries a stable outlook. The rating was issued before Anthropic closed a $35 billion chip financing deal led by Apollo.
According to the report, the BB+ rating applies to roughly $4.4 billion of subordinated debt within that $35 billion financing package. This portion exposes investors directly to Anthropic's credit risk, while the remainder is backed by chipmaker Broadcom. The subordinated debt was issued at a yield of about 8.5%, compared with 5.75% on the senior debt.
The same report notes that Wall Street banks are preparing a new $60 billion debt package to help Anthropic acquire more custom AI chips co-developed by Google and Broadcom, including $18 billion in subordinated debt. Whether the company can cross the investment-grade threshold will determine whether it can access a broader set of institutional investors, such as life insurers and pension funds, at lower cost. Public information currently stops at the disclosure of the rating and the preparation of the new debt package.
AI-generated from 1 reports · updated 1 hour ago
Latest turnDocuments obtained by the Financial Times show that rating agency KBRA assigned Anthropic a BB+ issuer rating in June — the highest speculative grade, one notch below investment grade — a rating never previously disclosed. It covers roughly $4.4 billion of subordinated debt within a $35 billion chip-financing package, issued at a yield of about 8.5%. Wall Street banks are now preparing a $60 billion debt plan, and whether Anthropic clears investment grade will shape its borrowing costs.
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Documents obtained by the Financial Times show that rating agency KBRA assigned Anthropic a BB+ issuer rating in June — the highest speculative grade, one notch below investment grade — a rating never previously disclosed. It covers roughly $4.4 billion of subordinated debt within a $35 billion chip-financing package, issued at a yield of about 8.5%. Wall Street banks are now preparing a $60 billion debt plan, and whether Anthropic clears investment grade will shape its borrowing costs.
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