S&P Global Ratings believes uncertainty has increased around Cloudera Inc.’s near- to medium-term growth prospects, particularly related to the ability of new product releases to reaccelerate revenue expansion amid customer retention challenges and intensifying competition from cloud-focused peers. Evolving market conditions also raise refinancing risk ahead of the company’s 2028 debt maturity. Therefore, we revised the outlook to negative from stable and affirmed all our ratings on Cloudera, including the ‘B-’ issuer credit rating. The negative outlook reflects our view that sales headwinds will likely continue over the next year, potentially hurting Cloudera’s refinancing prospects. We are more cautious about Cloudera’s growth trajectory over the next 12 months, as the company’s performance in the second quarter of fiscal 2027 was
