...November 7, 2019 SAN FRANCISCO (S&P Global Ratings) Nov. 7, 2019--S&P Global Ratings today assigned its '##+' issue-level rating to Cupertino, Calif.-based global hardware and services provider Apple Inc.'s euro-denominated senior unsecured notes. Apple will use the proceeds from these notes for certain eligible projects that fall within its environmental initiatives. We rate the new notes at the same level as our long-term issuer credit rating on the company. All of our other ratings on Apple remain unchanged. We assess Apple's financial risk profile as minimal. The company is aggressively reducing its net cash position through share repurchases following the passage of U.S. tax reform. Apple's net cash position declined by about $25 billion to $98 billion in fiscal year 2019, despite strong cash flow generation, due to the $67 billion of share repurchases it completed during the year. We expect the company to continue to repurchase shares at a similar to modestly faster pace over the...
