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Debt ÷ EBITDA (TTM) = How the Rating Agencies Look at It
Debt ÷ EBITDA (TTM) = How the Rating Agencies Look at It#
Rating agencies watch debt to EBITDA: Oracle has been cut to BBB−, one notch above junk, while the four hyperscalers sit below 0.5x.Draft, pending review
How to read this chart
Downgrades key off this ratio rather than debt to assets, because borrowed cash and finished data centers both inflate the denominator. The shaded band is the BBB stress zone at 3x to 4x. S&P cut Oracle to BBB− with a negative outlook on July 9, 2026, citing adjusted leverage heading to the mid-4x range in fiscal 2027.
Source: FinSight compilation and estimates · Updated 2026-09-03
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