Ledn’s loans are rated in line with government debt in Kazakhstan, Hungary and Morocco, according to S&P Global Ratings. On Monday the agency gave the loan issuer, which accepts Bitcoin as collateral, a preliminary rating of BBB- for its Issuer Trust 2026-1. That’s one grade above what is generally considered non-investment grade junk bond territory. Still, BBB- is so far the best rating achieved by a crypto firm on its debt. It’s five intermediate grades higher than DeFi lender Sky and Michael Saylor’ ...