Moody’s Investors Service on Tuesday upgraded Apple’s long-term credit rating to ‘AAA’ with a stable outlook, citing the company’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.
Joshi added that he expects Apple’s earnings to grow over the next two to three years.
MacDailyNews Take: Way to finally get your act together, Moody’s!
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