The Data Center Lease is the Bond: Why the lease shapes the rating, and the cost of capital

July 22, 2026

Data center developers increasingly look for funding in the capital markets, where the rating of the bond is, in substance, a rating of the underlying data center lease.  This briefing maps how specific lease terms drive the rating band across the agencies, and where the agencies diverge.  The practical implication:  the lease should be drafted to the target rating from the outset.  In this briefing, we set out the terms that matter most, and how to hold them.

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