The ratings on Cupertino, Calif.-based Apple Computer Inc. reflect a conservative financial profile and significant financial flexibility, offset by extremely competitive personal computer (PC) industry conditions and limited global market share. While Apple's strategic and business risk profile has benefited from a stable and experienced management team, the company is still dependent upon a relatively limited product base. Total revenues were $5.4 billion in the fiscal year ended Sept. 29, 2001. Despite a very challenging industry environment, Apple recovered profitability in calendar 2001. It had reported a net loss of $195 million for the quarter ended December 2000. Apple is expected to maintain a strong financial profile. The company has no near-term debt maturities and is expected to maintain cash
