Ratings agency Moody's on Tuesday upgraded Apple Inc's long-term credit rating to 'AAA' with a stable outlook, citing the iPhone maker's 'exceptional liquidity' and robust earnings.
"Apple's very strong business profile reflects its substantial operating scale, a large installed base of products and users of its services, strong customer loyalty, and premium brand positioning," Moody's analyst Raj Joshi said in a note.Apple's fiscal 2021 earnings surged about 65%, while revenue rose 33% on strong demand for its products and services during the pandemic.
Its stock has surged nearly 30% this year, bringing the iPhone maker within spitting distance of becoming the world's first company to cross $3 trillion in market value.Moody's, however, said that Apple faces execution risks from short product cycles, the need to adapt to shifting consumer preferences and managing a large and complex supply chain with frequent product upgrades.
In October, Apple said that supply chain issues plaguing the industry had cost it $6 billion in sales and the impact could get even worse during the holiday quarter.Reporting by Akash Sriram in Bengaluru; Editing by Ramakrishnan M.Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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