S&P Global sees OpenAI as a "key credit risk" for Oracle and cuts its credit rating

S&P Global has downgraded Oracle's credit rating to BBB-, placing it one notch above junk status. The rating agency identifies Oracle's heavy reliance on OpenAI as a primary risk, as the AI startup accounts for roughly half of the company's $638 billion in contractual obligations. This concentration creates significant vulnerability, as Oracle could be left with substantial, unfilled data center capacity if OpenAI were to terminate its agreement.