Good market position and excellent brand name recognition Globally diverse customer base Strong product development skills Highly competitive markets characterized by rapid technology evolution and short product life cycles Exceptional liquidity Consistently strong free operating cash flow (FOCF) and minimal leverage that provides capacity to fund increased shareholder returns The stable outlook reflects our expectation that Apple will maintain significant net cash balances and a commitment to a "minimal" financial risk profile. Although we do not expect a downgrade, the most likely cause of one would be competitive market conditions that result in a material decline in operating performance and discretionary cash flow, leading to a substantial decline in Apple's net cash position. The potential for an upgrade is constrained
