Oracle sells US$15bil of debt, drawing two credit rating cuts

FILE PHOTO: The Oracle logo is shown on an office building in Irvine, California, U.S. June 28,2018. REUTERS/Mike Blake/File Photo

NEW YORK: Oracle Corp sold US$15bil (RM61.5bil) of bonds in the second-largest offering this year, drawing downgrades from Fitch Ratings and Moody’s Investors Service.

While the proceeds will repay debt through next year, it’s a “deviation” from Fitch’s expectation that Oracle will reduce debt upon maturity, according to a statement.