NY -- Standard&Poor's CreditWire 4/23/96 -- Standard&Poor's today has lowered its ratings on Apple Computer Inc.'s senior debt to single-`B'- plus from double-`B'-minus, and its commercial paper to single-`C' from single-`B'. Both ratings remain on CreditWatch with negative implications, where they were placed Dec. 18, 1995. The amount of rated debt outstanding is $300 million. The downgrade reflects diminished liquidity, the expectation of continuing losses for the remainder of 1996, and uncertain longer-term prospects. The CreditWatch listing reflects concerns about liquidity and cash flow levels over the near term. Longer term, questions remain about Apple's ability to sustain a turnaround by implementing a new strategic plan, given its significant business, management, and financial challenges. Standard&
