...SAN FRANCISCO (S&P Global Ratings) Nov. 6, 2017--S&P Global Ratings said today that it assigned its '##+' issue-level rating to Cupertino, Calif.-based global hardware and services provider Apple Inc.'s senior unsecured notes due 2019, 2020, 2023, 2025, 2027, and 2047. The company will use the proceeds from the notes for general corporate purposes, including the repurchase of common stock, payment of dividends, and repayment of debt. We rate the new notes the same as the corporate credit rating on the company. Our '##+' corporate credit rating on Apple is unchanged, and the outlook remains stable. Apple's financial risk profile is considered minimal. We view its periodic debt issuances as a form of synthetic cash repatriation and expect the company to maintain a significant net cash position, which totaled $153 billion as of the fourth quarter ended Sept. 30, 2017, over the near term or in the absence of a tax reform allowing for repatriation of overseas cash. Our rating and outlook also...
