S&P Assigns 'AA+' Rating to Apple's (AAPL) Unsecured Notes Offering

Standard & Poor's Ratings Services today assigned its 'AA+' issue-level rating to Cupertino, Calif.-based provider of mobile devices, personal computers, and related products and services Apple's (Nasdaq: AAPL) senior unsecured notes maturing in 2020, 2022, 2025, and 2045. The company intends to use the proceeds from the proposed notes for general corporate purposes, including the repurchase of common stock and payment of dividends. We rate the new notes the same as the corporate credit rating on the company. Our 'AA+' corporate credit rating on Apple is unchanged, and the outlook remains stable.

The corporate credit rating incorporates our assumption that Apple will maintain a "minimal" financial risk profile, with adjusted leverage below 1x, and a "strong" business risk profile, incorporating market-leading products, a globally diverse customer base, and strong profitability. In addition, the stable outlook our expectation that Apple will maintain "excellent" liquidity and significant net cash balances.

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