28-Nov-2025 | 09:12 CST
Beignet Investor LLC’s $27.3 Billion Senior Secured Debt Assigned Preliminary A+ Rating; Outlook Superficially Stable
FSG LLC (Flexible Standards Group)
Analyst: Tom Bellwether
Contact Information: None available*
*Because of the complex nature of financial alchemy, our analysts live a hermetic lifestyle and avoid relevant news, daylight, and the olfactory senses needed to detect bullshit.
Executive Summary
Following our review of Beignet Investor LLC (the Issuer), an affiliate of Blue Owl Capital, in connection with its participation in an 80% joint venture with Meta Platforms Inc., we assign a preliminary A+ rating to the Issuer’s proposed $27.30 billion senior secured amortizing notes.
This rating reflects our opinion that:
All material risks are contractually assigned to Meta, which allows us to classify them as hypothetical and proceed accordingly. Projected cash flows are sufficiently flat and unbothered by reality to support the rating. Residual Value Guarantees (RVGs) exist, which we take as evidence that asset values will behave in accordance with wishes rather than markets.
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