Blackstone told investors ANTHROPIC may not secure an investment‑grade rating
immediately after an IPO and is now seen as more likely to receive double‑B or
higher (sub‑investment‑grade) rather than the investment‑grade rating it had
expected by year‑end. Because some insurers and pension funds are barred from
holding high‑yield debt, ANTHROPIC’s access to broad institutional buyers could
be constrained, increasing reliance on high‑rated suppliers to provide credit
guarantees for its debt financing.
