Good market position and excellent brand-name recognition Globally diverse customer base Highly competitive markets characterized by rapid technology evolution and short product life cycles Strong product development skills Excellent liquidity Consistently strong free operating cash flow and modest leverage provide capacity to fund shareholder returns The stable outlook reflects our expectation that Apple Inc. will maintain modest leverage, significant net cash balances, and a commitment to a minimal financial risk profile. While we don't expect a downgrade, the most likely cause of one could stem from competitive market conditions that cause a material decline in operating performance and discretionary cash flow, leading to a substantial decline in Apple's net cash position. The potential for an upgrade is currently constrained by
