S&P rates Cisco notes AA-

Standard & Poor’s said it assigned its AA- issue-level rating to Cisco Systems Inc.’s proposed senior unsecured notes.

The AA- corporate credit rating on Cisco is unchanged, and the outlook remains stable.

S&P said the rating incorporates its view of the company’s strong market position in its core networking products, growing software and services businesses, significant scale and product diversification, and strong operating efficiency.

“In our view, these strengths mitigate the challenges to Cisco’s overall business outlook. Growth prospects remain somewhat muted over the next 12 months as the traditional network equipment industry matures, as evidenced by slowing growth in the company’s core switching and routing product categories,” S&P said in a news release.

“We expect Cisco's growth prospects will increasingly come from the data center, wireless, and security business segments.”

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