SAN FRANCISCO (Standard&Poor's) Jan. 26, 2016--Apple Inc.'s (AA+/Stable/A-1+) revenues rose 2% year over year in the first quarter to $75.9 billion as currency headwinds and strong year-over-year comparison (first-quarter 2015 revenues grew nearly 30% a year ago) weighed on the top line. iPhone sales accounted for 68% of revenues and unit sales were flat year over year for the quarter. However, the iPhone's average selling price rose to $691 from $687 a year ago, once again supporting Apple's top-tier position in an otherwise cutthroat smartphone industry. Apple also continued to expand its presence in emerging markets, growing 14% year over year in China after nearly doubling in size during fiscal 2015. Adjusted EBITDA margin remained near 37% area
