Apple Business Model Inconsistent with 'AA' Rating Fitch Ratings-Chicago-29 April 20 13: Fitch has not released

a public rating on Apple; s uch a rating would likely fall in the high s ingle 'A' rating category. Inherent bus iness ris k that overs hadows a s ignificant liquidity cus hion when evaluating long-term credit ratings for cons umer-centric hardware companies generally leads us to ass ign these companies a Long-Term Issuer Default Rating (IDR) at or below the 'A' category. This reflects the volatility in consumer preferences , significant competition that accelerates product commoditization, and rapid evolution of technology. :Fitch khng cng b mt bn nh gi cng khai no v Apple tuy nhin c kh nng cao s ri vo mc tn nhim 'A' . Ri ro kinh doanh c hu che y mt lng thanh khon m ng k khi nh gi xp hng tn dng di hn cho cc cng ty phn cng ch trng ly khch hng lm trng tm thng dn chng ta n nh gi cc cng ty ny l mt nh pht hnh n di hn (IDR) bng hoc thp hn mc 'A'. iu ny phn nh s bin ng trong s a thch c nhn, s cnh tranh m lm tng tc thng ha sn phm v s pht trin nhanh chng ca cng ngh. Consumer product companies such as Sony, Nokia, and Motorola Mobility have proven the risks related to ever-changing cons umer tastes , low switching costs , and a highly competitive environment. Each has historically had a dominant market position and strong financial metrics , only to falter over a relatively short period of time. Cc cng ty sn phm tiu dng nh Sony, Nokia v Motorola Mobility chng minh nhng ri ro th lin quan n th hiu lun thay i ca ngi tiu dng, chi ph chuyn i thp v mt mi trng cnh tranh cao. Mi cng ty trong qu kh c mt v tr chim lnh th trng v cc s liu ti chnh mnh, nn ch b mt tn nhim trong khong thi gian tng i ngn. Apple's better divers ification and the stickiness of its iTunes ecosystem clearly make it a stronger credit that would likely be at the highest end of the 'A' category. Kh nng a dng ha tt hn ca Apple v tnh nht qun trong h @@ iTunes ca cng ty lm tng mc tn nhim m c kh nng s v tr cao nht trong mc 'A'. We rate a handful of U.S. technology companies in the high 'A' or double 'A' range with a Stable Outlook, including Microsoft (AA+), IBM (A+), and Oracle (A+). All three of these companies benefit from s ubstantial recurring revenue from enterprise software and/or long- term IT services contracts , which typically carry high switching costs . Chng ti nh gi mt s t cc cng ty cng ngh ca M mc cao 'A' hoc 'AA' cng vi nh gi trin vng n nh, bao gm Microsoft (AA +), IBM (A +), v Oracle (A +). Tt c ba cng ty c hng li t doanh thu nh k ng k t phn mm doanh nghip v / hoc hp ng dch v CNTT di hn, m thng i km vi chi ph chuyn i cao. Fitch's ratings ultimately hinge on the volatility of a bus iness model, s ince the typical bond investment period can extend beyond several product cycles , while also cons idering financial metrics and liquidity.

For ratings in the 'AA' category, we would ins ist on higher vis ibility and a longer time horizon regarding the s ustainability of a company's bus iness model. Xp hng ca Fitch cui cng ph thuc vo s bin ng ca mt m hnh kinh doanh, bi v giai on u t tri phiu in hnh c th m rng ra ngoi mt vi chu k sn phm, trong khi cng cn nhc cc s liu ti chnh v thanh khon. xp hng trong loi 'AA', chng ti s nhn mnh vo tm nhn cao hn v mt thi gian gian di hn lin quan n tnh bn vng ca m hnh kinh doanh ca cng ty.