Compass got a Aaa rating from Moody’s recently for $500m of its latest ABS. The full Moody's justification relies heavily on three high credit tenants making up 96% (!) of the ABS income. This, of course, is a wildly fragile structure given the inherent correlation. Important moment in data center financing, given this will become a template..

https://www.moodys.com/research/Moodys-Ratings-assigns-provisional-ratings-to-a-hyperscale-data-center-Rating-Action--PR_519083