On July 9, 2026, S&P Global Ratings downgraded Oracle’s long-term issuer credit rating from BBB to BBB-, and downgraded its short-term rating from A-2 to A-3, with a stable outlook. BBB- remains investment grade, but is already the lowest tier within S&P’s investment grade ratings.

The rating adjustment occurred during a phase of significant acceleration in Oracle’s operational growth. In fiscal year 2026, Oracle’s total revenue reached $67.4 billion, up 17% year-over-year; OCI infrastructure revenue reached $18.1 billion, up 77% year-over-year; as of May 31, 2026, the company-wide remaining performance obligations, or RPO, reached $638 billion, up 363% year-over-year. Oracle stated that the majority of the RPO increase in the third and…