Comment by nickff
3 days ago
The fact that the only rating published is ‘junk’, and that it was from a small agency tells us quite a lot. Given the fact that Anthropic (or its representatives) likely ‘shopped’ for a rating means that this was the best anyone was willing to give them, and that the larger agencies probably refused to rate them without more information. I would have been surprised if the bankers hadn’t lobbied for the highest rating possible, as higher ratings increase their profits from the IPO.
The whole point is to slowly build credibility, starting with easily $wayed small ratings entities, then launder that credibility into a slightly larger one, rise and repeat until financial disaster.