Fitch: Apple Business Model Inconsistent with 'AA' Rating

Fitch has not released a public rating on Apple; such a rating would likely fall in the high single 'A' rating category. Inherent business risk that overshadows a significant liquidity cushion when evaluating long-term credit ratings for consumer-centric hardware companies generally leads us to assign these companies a Long-Term Issuer Default Rating at or below the 'A' category.