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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I Guess credit rating has nothing to do with how much cash you have… $180 billion just doesn’t cut it with some on Wall Street.
In context, it’s good to recall leading up to the GFC of ’08, the credit agencies were giving positive ratings to many that deserved nothing but a sht rating.
I’m not saying this APPL rating is suspect, but just to remember the credit agencies can act and have acted poorly…Snoopes for “truth” is a parallel.