Moody’s assigns Aa1 to Apple notes

Moody's Investors Service said it assigned a rating of Aa1 to Apple Inc.'s senior unsecured note issuance.

The outlook is stable.

Proceeds will be used to bolster the company's U.S. cash balances and aid in company's announced and future shareholder return programs. The current $130 billion shareholder return program expires at the end of calendar 2015, and the company has returned over $102 billion through the end of its fiscal first quarter 2015, ended Dec. 27, 2014.

Moody’s said the Aa1 rating reflects Apple's position as one the world's leading providers of mobile communications devices, tablets, personal computers, portable media players and digital content. The company has a very robust financial profile with operating margins, coverage and cash flow metrics that compare favorably with companies that also have very high debt ratings, the agency added.

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