Blue Owl Capital Inc. (Blue Owl; BBB/Stable), through its affiliated funds, created project finance-style holding company Beignet Investor LLC (Beignet or HoldCo) to invest in an 80% interest in a joint venture (JV) with Meta Platforms Inc. (Meta; AA-/Negative/--). HoldCo issued $27.3 billion in amortizing notes maturing in May 2049 to finance its contribution toward the design and construction of a 2.064-gigawatt (GW) data center campus in Richland Parish, Louisiana. On Oct. 30, 2026, S&P Global Ratings revised the outlook on Meta to negative from stable because of significant uncertainty around capex and free operating cash flow. Consequently, we revised the outlook on Beignet’s notes to negative from stable and affirmed the ‘A+’ rating. This reflects our view that HoldCo’s
