...SAN FRANCISCO (S&P Global Ratings) June 13, 2017--S&P Global Ratings today assigned its '##+' issue-level rating to Cupertino, Calif.-based global hardware and services provider Apple Inc.'s U.S. dollar-denominated senior unsecured notes due 2027. The company will use the proceeds from the notes for eligible projects that meet certain environmental priorities. 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 over time. Our rating and outlook also incorporate the company's ongoing substantial share repurchases and intention to increase dividends on an annual basis. We note that we net Apple's surplus cash (adjusted for potential repatriation taxes, among other factors) against...
