Joe Raedle/Getty Images News S&P Global Ratings assigns a 'CCC+' issuer credit rating to MicroStrategy (MSTR), or seven levels below investment grade. The company's $500M issue of senior secured notes get a 'B-' issue-level rating (also below investment-grade). In Q3 2020, MSTR started buying bitcoin (BTC-USD) for its balance sheet. It will use the proceeds from the $500M notes offering to purchase more bitcoin. S&P expects MicroStrategy's operating results will remain consistent over the next 12 months given its good recurring revenue base and the low interest expense on its convertible debt, which will allow it to maintain good EBITDA interest coverage and generate positive free operating cash flow. S&P Global Ratings notes, however, "due to its very high leverage we believe the company could face difficulty in addressing its convertible debt maturities if bitcoin's price approached zero." If bitcoin falls below $6K per coin over the next 12 months,