...February 2, 2023 SAN FRANCISCO (S&P Global Ratings) Feb. 2, 2023--S&P Global Ratings today assigned its '###' issue-level rating to Austin, Texas-based enterprise software company Oracle Corp.'s proposed unsecured notes. This is the same as our '###' issuer credit rating on the company and our '###' issue-level rating on its unsecured debt because there are no significant elements of subordination risk in Oracle's capital structure. Oracle's S&P Global Ratings-adjusted net leverage was about 4x pro forma for a full year of Cerner Corp. results as of the last quarter. We believe this metric will persist in the high-3x area through fiscal 2023 (ending in May) as the company faces mid- to high-single-digit currency headwinds and as its operating margin returns to pre-COVID-19 levels because of increasing operating expense investments, but that it will fall to the mid-3x area in fiscal 2024 as Oracle increases revenue in the high-single-digit percentage area and realizes cost savings from Cerner....
