Fitch upgrades Oracle

Fitch Ratings said it upgraded Oracle Corp.'s long-term issuer default rating to A+ from A, revolving credit facility to A+ from A and senior unsecured debt to A+ from A.

Fitch also said it affirmed Oracle's short-term issuer default rating at F1 and commercial-paper rating at F1.

The outlook is stable.

The upgrades reflect Oracle's ample financial flexibility due to cash and investments totaling $24.4 billion as of February and annual free cash flow in excess of $7 billion in the past three fiscal years, Fitch said.

Rating concerns center on Oracle's aggressive acquisition strategy, including a broader list of potential targets outside of the software industry following the Sun acquisition, the agency said.

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