...- U.S.-based Salesforce.com Inc. continued to outgrow the enterprise software industry through the COVID-19 pandemic and we expect strong growth to continue for the next several years given the mission-critical nature of its software and continued cross-selling of its multiple cloud solutions. - The company is funding the acquisition of Slack Technologies with a mix of new debt and cash totaling about $15.7 billion, but we expect its pro forma adjusted leverage to be near low-1x at close, well below our 2x downgrade trigger, and for the company to deleverage rapidly thereafter through good cash flow generation. - We raised all ratings including our issuer credit rating on Salesforce.com to 'A+' from 'A'. - We also assigned 'A+' issue-level rating to Salesforce.com's new senior unsecured notes. - The stable outlook on Salesforce.com reflects our expectation for continued strong revenue and cash flow growth supported by its software-as-a-service (SaaS) business model and market share expansion,...
