The ratings on Cupertino, Calif.-based Apple Computer Inc. reflect a conservative financial profile and significant liquidity, offset by extremely competitive personal computer (PC) industry conditions and limited global market share. With total revenues of $5.7 billion in the fiscal year ended Sept. 28, 2002, Apple holds about a 3.5% global PC market share. Despite a relatively limited global market share, Apple's retail channel initiatives have improved the company's U.S. market position. Apple's share of the U.S. home market has tripled over the past two years-–to 3.6% in the fourth quarter of 2002 from 1.2% in the first quarter of 2001 (according to International Data Corp.). The company has successfully expanded its product line (to include digital music player and wireless
