{"id":685122,"date":"2026-02-24T00:00:00","date_gmt":"2026-02-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/24\/under-construction-data-centers-tap-ratings-to-fund-ai-buildup\/"},"modified":"2026-02-24T00:00:00","modified_gmt":"2026-02-24T00:00:00","slug":"under-construction-data-centers-tap-ratings-to-fund-ai-buildup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/24\/under-construction-data-centers-tap-ratings-to-fund-ai-buildup\/","title":{"rendered":"Under-construction data centers tap ratings to fund AI buildup"},"content":{"rendered":"

The AI arms<\/strong> race<\/strong> is rapidly spilling into credit markets<\/strong>, as data center developers are now seeking credit ratings for projects still under construction \u2014 a sign of how urgently the tech sector needs capital to fund its multi-hundred-bn USD infrastructure expansion, the Financial Times<\/a> reports. Back in 2021, tech giants self-funded roughly 80% of their data center development using their strong balance sheets. Now, however, 60% of developments involve third-party institutional capital.<\/p>\n

To unlock these massive pools of capital, developers are rushing to secure <\/strong>investment-grade stamps of approval <\/strong>from agencies like S&P, Moody\u2019s, Fitch, and KBRA. \u201cIt\u2019s astronomical growth,\u201d Fitch\u2019s Roelof Steenekamp told the salmon-colored paper. Fitch alone evaluated over 35 private data center agreements in just nine months, averaging USD 3 bn per transaction, with the vast majority being newly constructed, hyperscaler-backed facilities. Moody\u2019s and Fitch have also privately assigned investment-grade ratings to tens of bns of USD in loans tied to projects backed by Oracle Corporation. KBRA currently rates nearly USD 100 bn in data center debt and expects the figure to rise to up to USD 150 bn by mid-year.<\/p>\n

Lenders are utilizing \u201ccredit tenant lease financing<\/strong>,\u201d which essentially caps the project\u2019s credit risk at the rating of its anchor tenant. For instance, S&P handed an A+ rating to USD 27 bn in debt for Meta\u2019s Hyperion data center in Louisiana. To get the agreement done, Meta provided financial assurance, promising to begin paying rent even if construction is delayed, while also agreeing to cover any budget overruns. In many cases, lenders are underwriting the hyperscaler\u2019s balance sheet more than the developer\u2019s, according to S&P\u2019s Dhaval Shah.<\/p>\n

Still, the structure carries risks.<\/strong> Unlike traditional cloud data centers, AI-training facilities are often built in remote locations and can strand assets if a tenant leaves. Furthermore, the AI economy relies heavily on circular financing \u2014 hyperscalers fund startups that simply use the money to buy tech directly back from them. With rising costs and lagging end-user revenues, economists warn this fragile loop could trigger a massive industry-wide debt crisis, according to a report (pdf)<\/a> from the Center for Public Enterprise.<\/p>\n

The sheer size and opacity of these financing vehicles are beginning to attract <\/strong>Washington\u2019s <\/strong>attention<\/strong>.<\/strong> Recently, lawmakers, including Senator Elizabeth Warren, have formally urged the Financial Stability Oversight Council to probe the \u201ccomplex and opaque\u201d structures funding data centers, Bloomberg<\/a> reports. Warren warned that if AI companies fail to rapidly increase revenues to service their massive debt loads, it could trigger destabilizing losses across interconnected financial institutions.<\/p>\n

(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

MARKETS THIS MORNING- <\/p>\n

It is shaping up to be another turbulent day for markets, with the tech selloff over on Wall Street and uncertainty surrounding US President Donald Trump\u2019s tariff policy keeping investors on their toes. Things are looking better for Asia-Pacific markets, with most of them in the green in early trading this morning.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

50,870<\/p>\n<\/td>\n

\n

+2.6% (YTD: +21.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.67<\/p>\n<\/td>\n

\n

Sell 47.80<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.68<\/p>\n<\/td>\n

\n

Sell 47.78<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

19.00% deposit<\/p>\n<\/td>\n

\n

20.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,984<\/p>\n<\/td>\n

\n

+0.3% (YTD: +4.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,639<\/p>\n<\/td>\n

\n

+0.6% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

6,711<\/p>\n<\/td>\n

\n

+1.8% (YTD: +11.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

6,838<\/p>\n<\/td>\n

\n

-1.0% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

10,685<\/p>\n<\/td>\n

\n

0.0% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

6,114<\/p>\n<\/td>\n

\n

-0.3% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 71.49<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.00<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 5,256<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 64,685<\/p>\n<\/td>\n

\n

-3.1% (YTD: -26.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

1,029<\/p>\n<\/td>\n

\n

+0.1% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

153.36<\/p>\n<\/td>\n

\n

-0.1% (YTD: +1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

21.62<\/p>\n<\/td>\n

\n

+13.3% (YTD: +27.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 2.6% at <\/strong>yesterday\u2019s<\/strong> close<\/strong> on turnover of EGP 5.7 bn (8.6% below the 90-day average). Local investors were the sole net sellers. The index is up 21.6% YTD.<\/p>\n

In the green: <\/strong>Rameda (+9.5%), Heliopolis Housing (+9.5%), and Raya Holding (+6.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Developers are securing investment-grade ratings to unlock new pools of capital<\/p>\n","protected":false},"author":1,"featured_media":685123,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[7094,102,7412,72,119,7111,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-685122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-ai","tag-capital-markets","tag-data-centers","tag-enterpriseam","tag-financial-markets","tag-infrastructure","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"72d9f83b-c432-4901-a6c5-3a79a638c7d1","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/2\/1414.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Under-construction data centers tap ratings to fund AI buildup","related_issue":[685105],"teaser":"Developers are securing investment-grade ratings to unlock new pools of capital"},"yoast_head":"\nUnder-construction data centers tap ratings to fund AI buildup - 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