Fitch rates Oracle notes A+

Fitch Ratings said it assigned an A+ rating to Oracle Corp.'s senior unsecured note offering.

The outlook is stable.

The ratings reflect the company's significant financial flexibility with cash and investments totaling $31.6 billion, Fitch said, and sustained annual free cash flow after dividends in excess of $7 billion in the past four fiscal years.

The ratings also consider its strong competitive position and conservative financial policies, the agency said.

Rating concerns include the competition from open source software and adaptability, Fitch said, and the long-term profitability of Oracle's enterprise applications business as demand accelerates for software as a service in lieu of traditional installations.

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