...February 2, 2026 SAN FRANCISCO (S&P Global Ratings) Feb. 2, 2026--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 the capital structure. Oracle intends to use the proceeds for general corporate purposes, including capital expenditure (capex) to fund its data center buildout and repayment of debt. We also view Oracle's proposed mandatory convertible preferred stock as hybrid capital with high (100%) equity content. In our assessment, we take into consideration that it converts into common equity in three years, the conversion price is higher than Oracle's share price at the time of the issue, and that we do not expect the company to undermine the conversion benefit through subsequent...
