That this is only "may not" is the shocker.
Same thing as with SpaceX. If there is that much of an equity buffer, it should be investment grade. That it isn't means that the bond market doesn't trust the valuations at all.
Same thing as with SpaceX. If there is that much of an equity buffer, it should be investment grade. That it isn't means that the bond market doesn't trust the valuations at all.