S&P Global Ratings said it affirmed its 'AAA' long-term corporate credit rating and 'A-1+' short-term corporate credit rating on Microsoft Corp. (Nasdaq: MSFT). The outlook is stable.

At the same time, we affirmed our 'AAA' issue-level ratings on Microsoft's senior unsecured notes and our 'A-1+' rating on the company's commercial paper program.

"Our rating affirmation on Microsoft Corp. reflects our view that the company's acquisition of LinkedIn Corp. adds to its diversified product portfolio to include a high-growth professional social networking company, despite LinkedIn's relatively small revenue base, at about 4% of Microsoft's total revenues," said S&P Global Ratings credit analyst David Tsui.

However, the company's anticipated lower net cash position, which will somewhat reduce its flexibility to pursue other large acquisitions while maintaining the current rating, tempers our assessment.

Our stable outlook reflects our belief that Microsoft will remain committed to maintaining high credit quality by sustaining its net cash position. The company has a diverse software and hardware product portfolio and a long track record of maintaining leadership in its Office and Windows operating systems, leading to significant free operating cash flow to meet its acquisition and shareholder return needs. The company's long history of making investment and acquisition decisions in a fiscally prudent manner is a positive factor in determining its credit quality, and we expect that to continue.