Apple Inc.'s Senior Unsecured Notes Assigned 'AA+' Issue-Level Rating

SAN FRANCISCO (S&P Global Ratings) May 8, 2023--S&P Global Ratings today assigned its 'AA+' issue-level rating to Cupertino, Calif.-based global hardware and services provider Apple Inc.'s senior unsecured notes. The company will use the proceeds for general corporate purposes, including share repurchases, dividends, and repayment of debt. We rate the new notes the same as our long-term issuer credit rating on the company. All of our other ratings on Apple are unchanged. Apple's revenue for its fiscal second-quarter-ended April 1, 2023, declined 2.5% year over year to $94.8 billion. Year over year revenue grew 2% for iPhones and 5% for services, but declined 31% for Macs, 13% for iPads, and 1% for wearables, home, and accessories. Revenue grew in Europe

...May 8, 2023 SAN FRANCISCO (S&P Global Ratings) May 8, 2023--S&P Global Ratings today assigned its '##+' issue-level rating to Cupertino, Calif.-based global hardware and services provider Apple Inc.'s senior unsecured notes. The company will use the proceeds for general corporate purposes, including share repurchases, dividends, and repayment of debt. We rate the new notes the same as our long-term issuer credit rating on the company. All of our other ratings on Apple are unchanged. Apple's revenue for its fiscal second-quarter-ended April 1, 2023, declined 2.5% year over year to $94.8 billion. Year over year revenue grew 2% for iPhones and 5% for services, but declined 31% for Macs, 13% for iPads, and 1% for wearables, home, and accessories. Revenue grew in Europe and Asia-Pacific (excluding Greater China and Japan) but decreased in the Americas, Greater China, and Japan. We believe Apple can achieve its net-cash-neutral target over time. Cash and investments totaled $166 billion and debt...

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