Leading position in database and enterprise applications software Significant barriers to entry Large, globally diverse customer base Recurring, high-margin maintenance revenue Rapidly evolving industry and continuous need for innovation Exceptional liquidity Periodic debt issuances to support shareholder returns due to low domestic cash position Sizable debt capacity with low leverage, based on our surplus cash adjustment Strong free operating cash flow (FOCF) generation The stable outlook reflects our expectation that Oracle Corp. will adhere to financial policies supportive of a minimal financial risk profile, including typically maintaining a positive net cash position, supported by a strong market position and consistent FOCF generation. We view a downgrade as unlikely over the next two years given Oracle's substantial excess liquidity. However, a major
