# S&P Global 因 OpenAI 信用风险下调 Oracle 评级

- 来源：The Decoder：AI News（RSS）
- 作者：Matthias Bastian
- 发布时间：2026-07-12 19:43
- AIHOT 分数：66
- AIHOT 链接：https://aihot.virxact.com/items/cmrhqoy5302ojbimn1437w4rz
- 原文链接：https://the-decoder.com/sp-global-sees-openai-as-a-key-credit-risk-for-oracle-and-cuts-its-credit-rating

## AI 摘要

S&P Global 将 Oracle 信用评级从“BBB”下调至“BBB-”，距垃圾级一步之遥，理由是 OpenAI 构成“关键信用风险”。S&P 指出，Oracle 的 AI 业务现金消耗远超预期，资本支出预计到 2027 年将达 950 亿美元。OpenAI 约占 Oracle 6380 亿美元合同义务的一半。若 OpenAI 倒闭，Oracle 将面临无法填补的庞大数据中心产能。此外，软银因贷款机构难以估值，将 OpenAI 股票支持的贷款从 100 亿美元削减至 60 亿美元。OpenAI 已将其 IPO 推迟至 2027 年。

## 正文

S&P Global views OpenAI as a "key credit risk" for Oracle and has downgraded Oracle's rating from "BBB" to "BBB-," one notch above junk status. Oracle's AI business is burning through far more cash than expected, according to S&P. Capital spending is now projected to hit $95 billion by 2027, up from an earlier $60 billion estimate, while revenue won't materialize for years. OpenAI accounts for roughly half of Oracle's $638 billion in contractual obligations. If OpenAI collapsed, Oracle would be stuck with massive data center capacity it couldn't fill.

via spglobal.com

S&P says that puts Oracle in a tougher spot than AWS, Google, and Microsoft, which have internal workloads to absorb excess capacity and deeper financial reserves. Still, even their balance sheets would take a serious hit if OpenAI went under. Doubts are building elsewhere too. SoftBank reportedly had to cut a loan backed by OpenAI shares from $10 billion to $6 billion because lenders struggled to value the privately held company. OpenAI has pushed its IPO back to 2027.