S&P Rates Apple (AAPL) Unsecured Debt Offering at 'AA+'

Standard & Poor's Ratings Services assigned Apple Inc.'s (Nasdaq: AAPL) senior unsecured notes with various maturities an issue-level rating of 'AA+' (at the same level as the corporate credit rating on the company). The company intends to use the proceeds from the proposed notes for general corporate purposes, including the repurchase of common stock.

The rating incorporates our assumption that Apple will maintain "minimal" financial risk, 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, our stable rating outlook reflects our expectation that Apple will maintain "excellent" liquidity and significant net cash balances.

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