穆迪评级周二表示，为AI基础设施融资的高额借贷正将私人信贷推向传统企业贷款之外，但未来几年即将到期的一波贷款可能让较弱借款人难以再融资。
High levels of borrowing to fund AI infrastructure is expanding private credit beyond traditional corporate lending, but a wave of loans coming due in the next few years could leave weaker borrowers struggling to refinance, Moody’s Ratings said on Tuesday.
该评级机构称，AI融资需求需延伸至数据中心建设之外，涵盖土地、电力、半导体、图形处理单元和张量处理单元。
The ratings agency said AI financing needs to extend beyond data centre construction to land, power, semiconductors, graphics processing units and tensor processing units.
穆迪预计，到2027年，美国五大超大规模云服务商及CoreWeave的资本支出将达到近1万亿美元，资金来源包括现金流、债务以及合资企业和特殊目的载体等结构。
Moody’s expects capital spending by the five largest US hyperscalers and CoreWeave to reach nearly $1 trillion in 2027, financed through cash flows, debt and structures such as joint ventures and special-purpose vehicles.
然而，穆迪表示，2027年至2029年之间到期的一波贷款将考验较弱借款人在更高利率下的再融资能力。
However, a wave of loans coming due between 2027 and 2029 will test weaker borrowers’ ability to refinance at higher interest rates, Moody’s said.
穆迪跟踪的607家借款人中，约17%采用了实物付息方式，这允许公司推迟现金利息支付，但会增加其债务负担。
About 17% of the 607 borrowers tracked by Moody’s used payment-in-kind interest, which allows companies to defer cash interest payments but adds to their debt burden.
路透社早前的分析发现，美国业务发展公司的贷款到期高峰将出现在2028年和2029年。
A Reuters analysis earlier this year found loan maturities at US business development companies would peak in 2028 and 2029.
CoreWeave债务近期出现的压力也凸显了投资者对高杠杆AI借款人日益增长的担忧。
Recent stress in CoreWeave debt has also highlighted investors’ growing concerns about highly leveraged AI borrowers.
穆迪还警示了“循环”融资风险：随着科技公司、芯片制造商和AI开发者日益相互投资、相互借贷和相互采购，关联敞口可能在经济下行时共同恶化。
Moody’s also flagged “circular” financing risks as technology companies, chipmakers and AI developers increasingly invest in, lend to and buy from one another, raising fears that correlated exposures could weaken together during a downturn.