中国基金报·2025-11-12 16:07Core Viewpoint - Barclays Bank has downgraded Oracle's debt rating to "underweight," warning that its credit rating may eventually fall to BBB-, which is close to junk bond territory [4][5]. Group 1: Oracle's Financial Situation - Oracle's total interest-bearing debt has doubled over the past decade to $111.6 billion, with a debt-to-equity ratio of 500%, significantly higher than Amazon's 50% and Microsoft's 30% [5]. - The company has over $100 billion in off-balance-sheet lease commitments, raising concerns about its leverage levels [5]. - Barclays predicts that Oracle's cash reserves, currently around $11 billion, may be exhausted by November 2026, leading to refinancing needs [5]. Group 2: Market Reaction and Broader Implications - Following the downgrade, Oracle's stock opened sharply lower, dropping over 2% [2]. - The anxiety surrounding the AI bubble has spread to the bond market, with investors selling bonds issued by major cloud service providers like Google, Meta, Microsoft, and Oracle, causing bond spreads to rise to multi-month highs [10]. - The bond spreads for hyperscalers have increased to 78 basis points, the highest level since market turmoil in April, reflecting growing concerns about their debt financing for AI infrastructure [10].