Oracle Corp. continues to ramp up share repurchases since the passage of the tax reform, doubling repurchases to nearly $10 billion in the first quarter of fiscal 2019 from the prior quarter. Based on our forecast for the company to continue to aggressively return cash to shareholders, we project adjusted leverage could exceed our downgrade threshold of 1.25x over the next two years as the company moves to a meaningful net debt position. The negative outlook reflects uncertainty around the company's financial policy and the potential for its credit metrics to weaken over time should the company continue to deplete its cash through shareholder returns. On Sept. 25, 2018, S&P Global Ratings revised its outlook on Oracle Corp. to negative
