Apple Inc. -- Moody's: Beats Acquisition has no Impact on Apple's Ratings or Liquidity

New York, May 29, 2014 -- Moody's Investors Service says Apple Inc's$3.0 billion acquisition of Beats Electronics, LLC (B2 RUR up), announced on May 28, 2014, has no impact on Apple's ratings or liquidity. The consideration, of which $2.6 billion would be paid in cash at closing, with an additional $400 million to vest over time, is the largest acquisition in the company's history. Given Apple's healthy cash and investments balances of $151 billion at March 29, 2014, augmented by $12 billion from a recent debt issuance and first-time commercial paper borrowings, the acquisition price, albeit at a high multiple, will not strain Apple's liquidity nor the Aa1 rating. Moody's believes that a portion of the purchase price will be funded with Apple's overseas cash balances.

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