Yeah, but on the other hand the borrowing is relatively small compared to the company, so even if the company shrinks by 90% it will still be serviceable. Many western governments including the US have ridiculous debt loads at multiples of their GDPs; such high debt loads push up their interest rates. If you look at a less indebted country, like say Switzerland (22% of GDP, vs 115% for the US), then the premium paid by Alphabet over government bonds is a bit higher: 2.04% on 25y Alphabet CHF bonds vs 0.71/0.62% on 20y/30y Swiss government bonds.