S&P rates Apple notes AA+

Standard & Poor’s said it assigned a AA+ rating to Apple Inc.’s £750 million senior unsecured notes due 2029 and £500 million senior unsecured notes due 2042.

The company will use the proceeds from the notes for general corporate purposes, including the repurchase of common stock and payment of dividends, S&P said.

The agency said the new notes are rated the same as the AA+ corporate credit rating on the company, which is unchanged.

The outlook remains stable.

Apple’s revenues rose 33% year-over-year to nearly $50 billion in the third quarter ended June 27, representing a third consecutive quarter of strong growth for the company since the launch of the iPhone 6 and iPhone 6 Plus in September 2014, S&P said.

Sales in Greater China jumped again, more than doubling to $13 billion during the quarter, the agency added.

Apple’s financial risk profile is considered minimal, S&P said.

Despite the recent increase in the capital return program, the company is expected to maintain a significant net cash position and its financial policy is considered conservative, the agency said.

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