S&P rate Apple yen notes AA+

Standard & Poor’s said it assigned an AA+ rating to Apple Inc.’s proposed yen-denominated senior unsecured notes due 2020.

The proceeds will be used for general corporate purposes, including the repurchase of common stock and payment of dividends, S&P said.

The agency said it rates the new notes the same as the company’s AA+ corporate credit rating, which is unchanged.

The outlook remains stable.

The ratings consider an assumption that Apple will maintain a minimal financial risk profile, with adjusted leverage at less than 1x, S&P said, and a strong business risk profile, incorporating market-leading products, globally diverse customer base and strong profitability.

The stable outlook reflects an expectation that Apple will maintain excellent liquidity and significant net cash balances, the agency added.

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