Oracle Corp.?s rapidly expanding cloud infrastructure business is driving strong top-line growth but weaker free operating cash flow (FOCF) than we previously forecasted. Recently announced contract wins indicate its FOCF and S&P Global Ratings-adjusted leverage could weaken further beyond our base-case scenario as Oracle increases its capital spending to meet greater future demand for its cloud infrastructure business. Therefore, S&P Global Ratings revised its outlook on Oracle to negative from stable and affirmed all its ratings on the company, including the 'BBB' long-term issuer credit rating. The negative outlook reflects our expectation for Oracle?s cash flow profile to remain weak for at least the next two years as it continues to build out its cloud infrastructure business. It also reflects
