bondholder

China, in turn, suspects borrowers would use the space to pay private bondholders, whom it sees as Western institutions.

"What the plan represents is a way to salvage as much money as possible for these key bondholders," he says.

Ratings firms scored the bonds so highly because Meta pledged that bondholders and Blue Owl will get all their money back, even if it stops leasing the data center.

If the sale fetched less than bondholders were owed plus what Blue Owl had invested with a modest profit, Meta would pay the difference.

The most you could make was $100 million, if General Electric defaulted on its debt any time in the next ten years and bondholders recovered nothing.