...January 30, 2025 SAN FRANCISCO (S&P Global Ratings) Jan. 30, 2025--S&P Global Ratings today assigned its '###' issue-level rating to Austin, Texas-based enterprise software company Oracle Corp.'s proposed unsecured notes. The rating is 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. Oracle intends to use the proceeds to repay all or a portion of its notes maturing through July 2026, which amount to nearly $10 billion, and outstanding term loan outstanding as it amortizes. Any remainder would go to general corporate purposes. Oracle's S&P Global Ratings-adjusted net leverage was 3.1x and free operating cash flow (FOCF) to debt was 12% as of the last quarter. We expect leverage to fall to below 3x by the end of fiscal 2025 (ending in May) as revenue increases about 9% and S&P Global Ratings-adjusted EBITDA margin expands modestly....
