AI company Anthropic has received its first credit rating from KBRA, earning a BB+ issuer rating with a stable outlook. This marks the highest speculative-grade or "junk" rating, sitting just one notch below investment grade. The assessment was granted in June and covers approximately $4.4 billion in subordinated debt issued at an 8.5% yield within a broader $35 billion chip financing package; senior debt in the same structure carries a 5.75% interest rate. Due to limited public disclosures from Anthropic, KBRA did not utilize standard financial metrics such as free cash flow and EBITDA, instead relying on a risk score model. Despite the external financing, the five-year-old firm reported zero debt on its own balance sheet as of the end of June. Meanwhile, Wall Street is preparing a new $60 billion debt package—including $18 billion in subordinated notes—to fund the acquisition of custom AI chips co-developed by Google and Broadcom. Major agencies Moody's, S&P, and Fitch are expected to assign official ratings following Anthropic's eventual listing.