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Published on 11/7/2017 in the Prospect News Bank Loan Daily and Prospect News Investment Grade Daily.

Fitch applies A+ to Oracle notes

Fitch Ratings said it assigned an A+ rating to Oracle Corp.'s issuance of $10 billion multi-tranche senior unsecured notes with five- to 30-year maturities.

Oracle intends to use the proceeds for general corporate purposes, which may include debt repayment, share repurchases and acquisitions.

Oracle's long-term issuer rating is A+ with a stable outlook.

“Oracle's high level of recurring revenue and strong profitability support its strong financial flexibility despite a large proportion of its cash being offshore,” Fitch said in a news release.

“Absent major tax reform that could facilitate efficient cash repositioning, significant shareholder return and acquisitions could limit meaningful debt reduction, but Fitch believes reduced shareholder return could accompany large acquisitions.”


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