Good market position and excellent brand name recognition Strong profitability despite a highly competitive market characterized by rapid technology evolution and short product life cycles High product concentration with the iPhone accounting for nearly two-thirds of revenues Significant financial flexibility due to substantial net cash balances Consistently strong free operating cash flow (FOCF) and minimal leverage that provides capacity with which to fund ongoing shareholder returns The stable outlook reflects our expectation that Apple Inc. will maintain significant net cash balances and a commitment to a minimal financial risk profile. While we do not expect to downgrade the company over the next two years, we could consider doing so in case of weakening of the overall business risk profile, due to
