SAN FRANCISCO (S&P Global Ratings) June 3, 2016--S&P Global Ratings today assigned its 'AA+' issue-level rating to Cupertino, Calif.-based global hardware and services provider Apple Inc.'s Australian dollar-denominated senior unsecured notes due 2020, 2024, and 2026. The company will use the proceeds from the 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. Apple's financial risk profile is considered minimal. Despite the proposed debt issuance, the company will maintain a significant net cash position and we view its financial policy as conservative. Our rating and
