AI Credit: Data Centers in Focus—Credit Considerations Across Asset Classes Webinar Recap
KBRA and leading Korean law firm Yulchon hosted a joint webinar on October 1 examining how artificial intelligence (AI)-driven demand is reshaping data center and GPU credit across project finance, commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS). Peter Connolly, KBRA’s APAC Ratings Lead, framed the discussion for Korean institutional investors, who are encountering the sector through both domestic infrastructure development and international investment in U.S., European, and APAC credit markets. The central message was that strong demand is the starting point—not the credit conclusion. Demand must first translate into powered, permitted, financed, and contracted capacity before it can generate durable cash flow for debt service.
The discussion further highlighted the scale and breadth of KBRA’s data center experience, spanning approximately $200 billion of rated debt across roughly 80 transactions. Project finance activity has expanded particularly…
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