By Josh Beckerman

S&P Global Ratings downgraded Oracle Corp. (ORCL) to A+ from AA- as stock buybacks have increased the software company's debt.

The rating firm said Oracle "has significantly ramped up shareholder returns since the passage of U.S. tax reform," increasing net debt to $18 billion.

S&P has a negative outlook for Oracle, which "reflects our view that given the lack of clear financial policy guidance," the current stock-buyback pace will continue in fiscal 2020.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

July 02, 2019 14:44 ET (18:44 GMT)

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