S&P assigns SAP CCR A

Standard & Poor's said it assigned its A long-term corporate credit rating to German enterprise application software maker SAP SE.

The outlook is stable.

The rating reflects the agency’s assessment of SAP's business risk profile as "strong" and its financial risk profile as "minimal." S&P said this assessment is underpinned by the company's leading market positions in the enterprise application software market, coupled with meaningful barriers to entry and good revenue visibility.

These strengths are partly offset by the strong competition from large software companies such as Oracle (A+/stable/A-1+), IBM (AA-/stable/A-1+) or Microsoft (AAA/stable/A-1+), as well as from smaller, but faster-growing providers of software as a service, such as Salesforce.com or Workday (both unrated).

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