Oracle Corp. ?s rapidly expanding AI infrastructure business is increasing its overall credit risk, reflecting our more cautious view of the AI infrastructure industry, including rising capital expenditure (capex) requirements, an uncertain path to profitability, rapidly evolving industry and competitive landscape, and high customer concentration. Alongside the heightened business risk, we now expect weaker free operating cash flow (FOCF) in fiscal 2027 than in our previous forecast, with S&P Global Ratings-adjusted leverage remaining above 4x over the next two years. Therefore, we lowered our long-term issuer credit rating (ICR) on Oracle to 'BBB-' from 'BBB'. The outlook is stable. In addition, we lowered the short-term ICR and commercial paper rating to 'A-3' from 'A-2'. The stable outlook reflects our view
