Austin, Texas-based enterprise software provider Oracle Corp. spent $8 billion on share repurchases last quarter, when we expected $4 billion. As a result, we increased our forecast for share buybacks to $20 billion per year over the next two years from $16 billion. We lowered our ratings on the company and its debt to 'BBB+'. We also lowered our short-term rating on the company and our commercial paper rating to 'A-2' from 'A-1'. The negative outlook reflects our view that, given the absence of financial policy guidance from management, we lack sufficient confidence Oracle will maintain leverage at or below the low-3x area long term, our new downgrade threshold. The negative outlook reflects our view that, given the lack of
