According to CNBC, Oracle's five-year credit default swap spread stood at 295 basis points after briefly reaching 300 bps on Thursday, up 287% in one year, as markets cooled on artificial intelligence. Oracle has an S&P rating of BBB-, the lowest investment-grade level; the agency downgraded the company in July and cited rising credit risk from its expanding infrastructure business. Oracle has issued $118 billion in long-term debt and has $39 billion in capital and lease obligations, while funding its data center and cloud expansion, including a $300 billion deal with OpenAI. Consensus forecasts put its free cash flow at -$23.7 billion this year and -$36 billion in 2027. Deutsche Bank's Jim Reid warned that a downgrade to junk could force investment-grade-only investors to sell Oracle debt. Oracle said maintaining its investment-grade rating is its first priority.