A post by @FirstSquawk on X.

S&P downgraded Salesforce to an 'A' rating from a higher level, citing rising M&A activity and shareholder returns, while assigning a stable outlook. The agency said it expects Salesforce to keep growing subscription revenue and earnings, supported by remaining performance obligations. The one-notch cut reflects the credit rating firm's view that the company's dealmaking and capital return plans are increasing financial risk. The stable outlook signals S&P sees the company's revenue base and backlog as sufficient to absorb that pressure. Investors should watch Salesforce's next M&A moves and any acceleration in buybacks or dividends, since further large deals or heavier returns could pressure the rating again.