Oracle(US:ORCL) 智通财经网·2025-09-18 01:09Core Insights - Moody's highlighted multiple risks associated with Oracle's $300 billion AI contract but did not take any rating action against the company [1] - Oracle's cloud infrastructure business is expected to exceed $500 billion in signed contracts, with OpenAI's $300 billion power procurement contract being a major component [1] - Moody's analysts emphasized the "huge potential" of Oracle's AI infrastructure business while reiterating risks related to reliance on a few large commitments from AI companies [1] Group 1 - Oracle's current issuer rating from Moody's is Baa2, which is at the lower end of the investment-grade credit rating spectrum [2] - The $300 billion contract underscores the significant scale of Oracle's AI infrastructure projects [1] - Analysts noted that Oracle's business model is highly dependent on a few AI firms, leading to substantial counterparty risk [1] Group 2 - Moody's indicated that Oracle's debt growth will outpace EBITDA growth, with a projected net leverage ratio potentially rising to 4 times before achieving EBITDA coverage of debt [1] - The construction of Oracle's data centers is considered one of the largest project financings globally [1] - Free cash flow is likely to remain negative until the company reaches its breakeven point [1]