...March 22, 2021 SAN FRANCISCO (S&P Global Ratings) March 22, 2021--S&P Global Ratings today assigned its 'A' issue-level rating to Redwood Shores, Calif.-based enterprise software company Oracle Corp.'s proposed unsecured notes. This is the same as our 'A' issuer credit rating on the company because there are no significant elements of subordination risk in Oracle's capital structure. Absent a major transaction, Oracle intends to limit its indebtedness for senior debt securities to approximately $76 billion by the end of its fiscal year ending May 31, 2022 and intends to use a portion of the proceeds to pay existing debt as it comes due during this period, which amounts to a little over $8 billion. Just under $600 million is due in fiscal 2022 under the payment schedule of the 2017 deemed repatriation tax, which we expect the company to pay from cash flow. Oracle's S&P Global Ratings-adjusted net leverage was 2x as of Feb. 28, 2021. We think the current pace of share buybacks of $4 billion...
