Apple Inc. recently announced that it will return a total of $100 billion to shareholders through the end of calendar year 2015, more than double the level of shareholder returns announced in March 2012. Apple indicated that its shareholder return plan will include the use of debt to repurchase shares. We are assigning our 'AA+' corporate credit rating to Apple. The stable outlook reflects our expectation that Apple will maintain very modest leverage, significant net cash balances and a commitment to a minimal financial risk profile. (Watch the related CreditMatters TV segment titled, "Standard&Poor?s Rates Info Tech Market Leader Apple Inc.," dated April 24, 2013.) On April 23, 2013, Standard&Poor's Ratings Services assigned its 'AA+' corporate
