S&P upgrades Cisco Systems

Standard & Poor's said it raised its long-term corporate credit rating on Cisco Systems Inc. to AA- from A+ and removed the corporate credit rating from CreditWatch, where it was placed with positive implications on Nov. 26.

S&P also raised the senior unsecured debt rating to AA- from A+ and removed it from CreditWatch. The outlook is stable.

"We base our upgrade primarily on a reassessment of the surplus cash on Cisco's balance sheet," said S&P credit analyst Andrew Chang in a news release.

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