The ratings on Cupertino, CA-based Apple Computer Inc. reflect extremely competitive personal computer (PC) industry conditions and limited global market share, offset by a conservative financial profile and significant liquidity. 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 materially strengthened over the past two years, and the company has successfully expanded its product line to include digital music player and wireless networking products. However, Apple is still dependent upon a relatively limited product base for the majority of its
