EA reportedly leans on a private rating as bondholders claim default

EA has obtained an investment-grade rating from Egan-Jones for a subset of its bonds, and is using it to argue it does not owe creditors a 101-cent payout after the largest leveraged buyout on record. Egan-Jones is under SEC investigation over whether commercial pressure shaped its ratings, and it is certified to operate in the EU.

Electronic Arts has told creditors it holds an investment-grade rating for some of its bonds, and is using it to argue it owes them…