Credit rating as grand narrative exception SpaceX (SPCX.US) high-grade bond issuance triggers heated debate in fixed income circle.

According to the WiseFinance APP, nearly ten years ago, when Moody's first evaluated Nvidia (NVDA.US), it was rated as Baa1 investment grade. At that time, Nvidia had been listed for 16 years, had relatively light debt, and free cash flow exceeded $1 billion, which made Moody's quite confident. However, last week, Moody's awarded the same Baa1 rating to Elon Musk's SpaceX (SPCX.US) - despite the limited public financial records of the company, "continuing negative free cash flow," and the need for large capital investment in the coming years.