Oracle's Credit Default Swaps Rise to 203 Basis Points, Borrowing Costs Increase
Prefer us on GoogleOn July 24, Oracle's five-year credit default swaps (CDS) surged to a record high of approximately 203 basis points, indicating that the annual cost for the company to purchase default protection on every $10 million of debt is about $203,000. Oracle's CDS have more than quadrupled since mid-2025, surpassing the peak seen during the 2008 financial crisis. Meanwhile, the company's borrowing costs have risen, with the spread on its 6.7% bonds maturing in 2056 widening by 8 basis points to 263 basis points; the spread on its 5.7% bonds maturing in 2036 widened by 9 basis points to 205 basis points. S&P Global Ratings downgraded Oracle to BBB- on July 9, just one notch above junk status, citing rapidly increasing AI-related expenditures and a credit risk that has reached crisis levels.
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