Moody's Ratings (cited in Cape Fear Advisors, Sept 28 2026) · 2026-09-28
Moody's Affirms SpaceX at Ba2 (Stable); Credit Opinion Highlights $25bn Cash Floor and G-4 Governance as Rating Constraints
Moody's September 3 credit opinion (surfaced publicly Sept 28) keeps SpaceX at sub-investment-grade Ba2 despite its $25bn bond debut in June 2026. The agency explicitly conditions any upgrade on SpaceX curtailing discretionary capex — a direct tension with its AI/Starlink infrastructure build. Paired with S&P's BB+ and JCR's A, the split-rating structure raises cost-of-capital questions for future data-center and satellite debt.
ai-cio.com (citing Apollo / PIMCO research), Sept 22 2026 · 2026-09-22
Apollo's Torsten Slok Flags Widening Hyperscaler CDS Spreads as Market 'Repricing of AI Credit Fundamentals,' Not Treasury Crowding-Out
Apollo chief economist Slok's mid-September note — widely circulated into late September — argues widening CDS on Alphabet, Amazon, Meta and Oracle bonds reflects deteriorating credit fundamentals, not Treasury supply dynamics. With $132bn of hyperscaler bonds issued through July 2026 and full-year AI-related issuance estimates of $300–570bn, spread widening signals the market is beginning to price issuer-specific risk rather than absorbing supply indiscriminately.
Fitch Ratings (cited in Dave Friedman / davefriedman.substack.com, ~July 2026) · 2026-07-16
Fitch Assigns 'BB+' to CoreWeave's New $2.6bn DDTL 5.5 Facility; Affirms Issuer Default Rating at 'BB-' Positive Outlook
Fitch's rating action on DDTL 5.5 — CoreWeave's fifth secured GPU-backed delayed-draw term loan — shows the company continues layering debt at a sub-investment-grade corporate IDR (BB-) even as individual asset-backed tranches achieve investment-grade status (A3/A-sf). The structural divergence between entity-level junk and facility-level IG ratings is a key credit-market stress signal for AI infrastructure financing, as lenders take on concentrated GPU-collateral risk.