[Anthropic Receives First Credit Rating of BB+, the Highest 'Junk' Grade] According to the Financial Times, rating agency KBRA granted Anthropic a BB+ issuer rating in June this year, marking the highest speculative-grade ('junk') rating, just one notch below investment grade, with a stable outlook. The rating applies to approximately $4.4 billion in subordinated debt within a $35 billion chip financing package, issued at an approximate yield of 8.5%, while senior debt carries an interest rate of 5.75%. Due to limited disclosure from Anthropic, KBRA did not obtain metrics such as free cash flow or EBITDA, instead using a "risk score" to replace a full financial model assessment. As of the end of June, the five-year-old company had zero debt on its own balance sheet. Wall Street is preparing a new $60 billion debt package (including $18 billion in subordinated debt) to fund the acquisition of custom AI chips jointly developed by Google and Broadcom. Moody's, S&P, and Fitch will ultimately determine its official rating post-listing.