The Aporia
The Aporia
DiMauro, E. (2026, October 30). Microsoft reaps the benefits of protecting its AAA credit rating. Semafor. https://www.semafor.com/article/10/30/2026/microsoft-reaps-the-benefits-of-protecting-its-aaa-credit-rating
DiMauro, Ellen. “Microsoft reaps the benefits of protecting its AAA credit rating.” Semafor, 30 Oct. 2026, https://www.semafor.com/article/10/30/2026/microsoft-reaps-the-benefits-of-protecting-its-aaa-credit-rating.
DiMauro, Ellen. “Microsoft reaps the benefits of protecting its AAA credit rating.” Semafor, October 30, 2026. https://www.semafor.com/article/10/30/2026/microsoft-reaps-the-benefits-of-protecting-its-aaa-credit-rating.
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Microsoft has maintained its AAA credit rating, one of only two left in Corporate America alongside Johnson & Johnson’s, allowing it to raise $25 billion on Thursday through its first bond offering since 2017. This deal cost Microsoft just 5.6% for the 10-year portion, significantly less than what other companies are paying. In contrast, SpaceX, rated three notches lower at BBB, will pay up to 8.75% for a $40 billion bond issuance this week. Neocloud CoreWeave’s bonds, in junk-rated territory, have traded with yields above 15%. The bond market is thus clearly distinguishing between companies that can borrow at lower rates due to strong credit ratings and those facing much higher borrowing costs.
