S&P Downgrade Threatens Oracle's Wisconsin Data Center Over Utility Credit Rule

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S&P Global downgraded Oracle's issuer credit rating to BBB- on July 9, placing it just one notch above junk status, while citing OpenAI as a credit risk within Oracle's $638 billion backlog and projecting a $42 billion free cash flow deficit for fiscal 2027. Wisconsin's Public Service Commission had previously approved a rule requiring utility customers rated below A- to post financial guarantees before receiving electricity, and allowed a deadline to revisit that rule to lapse on July 10 without action. As a result, Oracle's subsidiary co-developing the roughly one-gigawatt Port Washington data center campus faces over $100 million per year in cash deposits or letters of credit just to purchase power. Oracle had already filed a lawsuit against the commission on June 19, arguing the credit threshold was unlawful, but its rating has since moved further from the required threshold rather than closer. At the heart of the standoff is the financial risk to Wisconsin ratepayers if Oracle exits, since the proposed gas plant being built to serve the campus is a multi-decade, billion-dollar asset backed by demand that is only a few years old.

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