Oracle's peers Alphabet Inc., Amazon, Microsoft Corp. and Meta Platforms Inc. have ratios under 1. A debt-EBITDA ratio above ​4 signals financial strains, but the ratio can vary with methods and metrics each analyst uses. S&P Global Ratings was the first to move, lowering Oracle's credit rating to BBB-, one notch above junk, in July. "We could downgrade Oracle if Oracle sustains leverage exceeding 4.5 times," Chang said. Blue Owl told Reuters the decision was unrelated to Oracle's debt.