...September 25, 2024 SAN FRANCISCO (S&P Global Ratings) Sept. 25, 2024--S&P Global Ratings today assigned its '###' issue-level rating to Austin, Texas-based enterprise software company Oracle Corp.'s proposed unsecured notes. The ratings are the same as our '###' issuer credit rating on the company and our '###' issue-level rating on its existing unsecured debt because there are no significant elements of subordination risk in Oracle's capital structure. The company intends to use the proceeds to repay all or a portion of its notes maturing through May 2025, which amount to nearly $8 billion, to repay commercial paper borrowings, and any remaining proceeds for general corporate purposes. Oracle's S&P Global Ratings-adjusted net leverage was 3.1x and free operating cash flow (FOCF) to debt was 14% as of the last quarter. We believe leverage will fall to 2.9x by the end of fiscal 2025 (ending in May) as revenue grows around 9% and S&P Global Ratings-adjusted EBITDA margin expands 50 basis...
