Leading position in database and related applications software Industry in transition from sale of license to software-as-a-service (SaaS) Significant barriers to entry due to entrenched customer base Recurring, high-margin maintenance revenue Significant cash balances resulting in adjusted leverage near 0.8x based on our surplus cash adjustments Strong profitability and free operating cash flow (FOCF) generation Ongoing debt issuances to meet domestic cash needs The stable outlook reflects our expectation that Oracle Corp. will adhere to financial policies supportive of a minimal financial risk profile, including typically maintaining a net cash position, supported by a strong market position and consistent FOCF generation. We view a downgrade as unlikely over the next two years given Oracle's strong cash flow generation and net
