S&P rates Apple notes AA+

S&P said it assigned an AA+ rating to Apple Inc.'s dollar-denominated senior unsecured notes due 2020, 2022, 2024 and 2027.

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

The agency said it rates the new notes the same as the corporate credit rating on the company.

The company's AA+ corporate credit rating is unchanged and the outlook remains stable.

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

The agency said it views the periodic debt issuances as a form of synthetic cash repatriation and expects the company to maintain a significant net cash position over time.

The ratings and outlook also consider the company's ongoing substantial share repurchases and intention to increase dividends on an annual basis, S&P added.

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