Bulletin: Apple Inc. Ratings Unaffected By Proposed Senior Unsecured Debt Add-On

SAN FRANCISCO (Standard&Poor's) March 17, 2016--Standard&Poor's Ratings Services said today that its ratings and outlook on Cupertino, Calif.-based global hardware and services provider Apple Inc. (AA+/Stable/A-1+) are not affected by the company's proposed add-on to the senior unsecured notes issued in February 2016. The company will use the proceeds from the notes for general corporate purposes, including to repurchase common stock and pay dividends. Our 'AA+' corporate credit rating and stable rating outlook on Apple are unchanged. We assess Apple's financial risk profile as minimal. The company will maintain a significant net cash position despite the proposed debt issuance and the sizable new debt it issued in February, and we view its financial policy as conservative.

...SAN FRANCISCO (Standard & Poor's) March 17, 2016--Standard & Poor's Ratings Services said today that its ratings and outlook on Cupertino, Calif.-based global hardware and services provider Apple Inc. (##+/Stable/A-1+) are not affected by the company's proposed add-on to the senior unsecured notes issued in February 2016. The company will use the proceeds from the notes for general corporate purposes, including to repurchase common stock and pay dividends. Our '##+' corporate credit rating and stable rating outlook on Apple are unchanged. We assess Apple's financial risk profile as minimal. The company will maintain a significant net cash position despite the proposed debt issuance and the sizable new debt it issued in February, and we view its financial policy as conservative. Our rating and outlook incorporate the company's ongoing substantial share repurchases and intention to increase dividends on an annual basis. We net Apple's surplus cash (adjusted for potential repatriation taxes,...

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