S&P Global Ratings Examines Hyperscaler AI Debt and Credit Risk

Mark Khabib, digital infrastructure sector lead at S&P Global Ratings, discusses how hyperscalers' AI-related obligations extend beyond reported balance-sheet debt. The conversation covers off-balance-sheet commitments such as data center leases and chip purchase agreements, how those adjustments affect ratings headroom, and what market indicators do and do not reveal about credit risk.

■ Off-Balance-Sheet AI Commitments
- How lease and purchase commitments are captured as liabilities for a fuller picture of obligations
- Why companies use leases and purchase orders to manage cash flow and investment funding
■ Ratings Impact
- Adjusted debt levels and remaining headroom for hyperscalers relative to downgrade triggers
- Oracle's downgrade to BBB-, one notch above speculative grade
■ Market Indicators vs. Fundamental Analysis
- The role of CDS and credit spreads as volatile, news-driven indicators
- How long-term fundamental analysis underpins rating decisions
■ AI Investment and Revenue Sustainability
- Anthropic's recently released S-1 and its large-scale compute spending commitments
- The question of whether monetization can sustain such investment levels

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