Fitch affirms Microsoft

Fitch Ratings said it has affirmed the following ratings of Microsoft Corp.: long-term issuer default rating at AA+; senior unsecured revolving credit facility at AA+; senior unsecured debt at AA+; short-term issuer default rating of F1+; and $2.25 billion commercial paper program at F1+

The outlook is stable.

According to the agency, the ratings and stable outlook are supported by Microsoft's:

• leading market position in its core software businesses, including over 90% in PC operating systems and 75% in servers;

• Industry-leading liquidity, supported by a considerable cash position and consistent strong free cash flow; and

• Unparalleled financial performance and operating profile, complemented by a sizable recurring revenue base.

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