Toslink connector question

[Donald L. Roberts]

This question pertains to the toslink connector on my Apple TV box.  Is 
the signal which comes from the Apple TV's toslink connector a digital 
signal or an analog signal?  If digital, then I need to convert it to 
analog as my receiver is quite old and has no digital inputs, only RCA 
analog inputs.  I do realize that I could listen to the television set's 
audio, but I do not choose to do so as my TV has the dubious distinction 
of producing the tinniest audio I have ever heard.  Thanks.

Don Roberts