...August 16, 2026 NEW YORK (S&P Global Ratings) Aug. 17, 2026--S&P Global Ratings today assigned its '##+' issue- level rating to Alphabet Inc.'s proposed Australian dollar-denominated senior unsecured notes. The company intends to use proceeds from these notes for general corporate purposes, which may include repaying outstanding debt. Our '##+' issuer credit rating and stable outlook on Alphabet are unchanged and continue to reflect its strong positions in the online search and video advertising markets, expanding position as a cloud infrastructure provider, strong technological talent, excellent operational track record, and financial flexibility. As of June 30, 2026, the company had $162.5 billion of cash equivalents and marketable securities and $101.1 billion of debt, excluding the proposed debt issuance. Pro forma for the proposed debt issuance, Alphabet's S&P Global Ratings-adjusted leverage was 0.0x as of June 30, 2026. We estimate the company has the capacity to increase its net...
