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Moody’s Signals Rethink Of CRE Risk Exposure As Off-Book AI Data Center Leases Top $662B

Moody’s latest ratings report reveals that the five largest U.S. hyperscalers have amassed $662 billion in future AI data‑center lease commitments that remain off their balance sheets under current GAAP. These leases, slated to commence between 2025 and 2031, represent 113 % of the firms’ adjusted debt, effectively doubling their hidden liabilities. Because the leases have not yet begun and renewal certainty is low, the obligations are not recorded, but they will surface as the facilities become operational. Moody’s signals it may adjust debt metrics to capture the looming cash‑flow risk.