For 2026, JPMorgan expects a slowdown in credit ratings upgrades, and cites acquisitions and re-leveraging from AI issuers as key drivers. The highest quality tech issuers could add leverage and accept ratings that are a notch lower, points out Rosenbaum, as there isn’t much spread penalty within investment-grade when going from low AA to high A, for instance. Changing their capital structure could help make them more competitive in the AI financing deluge, he said.