Oracle(US:ORCL) 贝塔投资智库·2025-09-18 04:00Core Viewpoint - Moody's highlighted multiple risks associated with Oracle's (ORCL.US) $300 billion AI contract but did not take any rating action against the software giant [1][2] Group 1: AI Contract and Risks - Oracle's cloud infrastructure business has signed contracts expected to exceed $500 billion, with a significant portion coming from a $300 billion power procurement contract with OpenAI [1] - Moody's analysts pointed out that the $300 billion contract underscores the "huge potential" of Oracle's AI infrastructure business, but also reiterated the risks associated with reliance on a few large AI clients, indicating significant "counterparty risk" [1] Group 2: Financial Metrics and Ratings - Moody's noted that Oracle's data center construction is one of the largest project financings globally, with debt growth expected to outpace EBITDA growth, leading to a projected net leverage ratio of 4 times before achieving EBITDA coverage of debt [2] - Currently, Oracle holds a Moody's issuer rating of Baa2, which is at the lower end of the investment-grade credit rating spectrum [2]