Cupertino, Calif.-based Apple's ratings reflect a conservative financial profile and significant liquidity, 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 on a relatively limited product base. Total revenues were $5.4 billion in the fiscal year ended Sept. 29, 2001. Apple has maintained consistent profitability over the past year, despite a very challenging industry environment. EBITDA coverage of interest is expected to remain in excess of 5 times. Apple is expected to maintain a strong financial profile. The company has no near-term debt maturities, and is expected to maintain cash and short-term investments in
