FT: Blackstone Warns Anthropic May Only Clear Double-B Junk Rating After IPO

Blackstone told investors that Anthropic is likely to receive only a double-B (sub-investment-grade) rating after its IPO, reversing earlier guidance that an investment-grade mark was reachable by year-end, the FT reported October 30. A junk rating would shrink the institutional buyer pool because many insurers and pension funds cap sub-investment-grade holdings, forcing Anthropic to pay higher yields on new debt. The warning follows Anthropic's October 26 S-1 filing with the SEC and amid plans for $800B+ in long-term compute commitments.