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I am Steven Kron, the restaurant analyst here at Goldman Sachs. Today we are very fortunate to have Troy Alstead from Starbucks here to present. As many of you know, Starbucks has been going through a pretty big business model transformation over the last couple of years navigating from what traditionally has been a hyper-growth, top-line, unit-driven concept to one that is pulled back a bit and really focused on existing store profitability. Last quarter the Company started to show some signs of reaping the benefits of the actions that they have been taking. Margins were up materially year-over-year for the first time in a while and same-store sales showed a little bit of life and became a bit less negative here. Troy has been an instrumental part in the recent margin improvement and the strategy on a go-forward basis. He was named Chief Financial Officer in November of #### and has been with Starbucks since ####. So with that I am going...

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2009</sdc:value></sdc:date_lastupdate><sdc:finbltm_BV><sdc:value>0.00000</sdc:value></sdc:finbltm_BV><sdc:finbltm_CASH><sdc:value>0.00000</sdc:value></sdc:finbltm_CASH><sdc:finbltm_CASHFLOW><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW><sdc:finbltm_CASHFLOW1><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW1><sdc:finbltm_CASHFLOW2><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW2><sdc:finbltm_CASHFLOW3><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW3><sdc:finbltm_CASHFLOW4><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW4><sdc:finbltm_CASHFLOW5><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW5><sdc:finbltm_COMEQ><sdc:value>0.00000</sdc:value></sdc:finbltm_COMEQ><sdc:finbltm_DEBTRAT><sdc:value>0.00000</sdc:value></sdc:finbltm_DEBTRAT><sdc:finbltm_DSER2><sdc:value>0.00000</sdc:value></sdc:finbltm_DSER2><sdc:finbltm_EBIT><sdc:value>0.00000</sdc:value></sdc:finbltm_EBIT><sdc:finbltm_EPS><sdc:value>0.00000</sdc:value></sdc:finbltm_EPS><sdc:finbltm_NI><sdc:value>0.00000</sdc:value></sdc:finbltm_NI><sdc:finbltm_PTINC><sdc:value>0.00000</sdc:value></sdc:finbltm_PTINC><sdc:finbltm_SALES><sdc:value>0.00000</sdc:value></sdc:finbltm_SALES><sdc:finbltm_STDEBT><sdc:value>0.00000</sdc:value></sdc:finbltm_STDEBT><sdc:finbltm_TASS><sdc:value>0.00000</sdc:value></sdc:finbltm_TASS><sdc:fiscal_ADCR><sdc:value>0.00000</sdc:value></sdc:fiscal_ADCR><sdc:fiscal_ANI><sdc:value>0.00000</sdc:value></sdc:fiscal_ANI><sdc:fiscal_APFDCR><sdc:value>0.00000</sdc:value></sdc:fiscal_APFDCR><sdc:fiscal_ASALES><sdc:value>0.00000</sdc:value></sdc:fiscal_ASALES><sdc:fiscal_ATASS><sdc:value>0.00000</sdc:value></sdc:fiscal_ATASS><sdc:fiscal_RATE><sdc:value>0.00000</sdc:value></sdc:fiscal_RATE><sdc:g_SEQ><sdc:value sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value><sdc:value sdc:p="3">4.00000</sdc:value></sdc:g_SEQ><sdc:g_TEST><sdc:value sdc:p="0">Starbucks Coffee International</sdc:value><sdc:value sdc:p="1">Inc, located in Seattle,</sdc:value><sdc:value sdc:p="2">Washington, owns and operates</sdc:value><sdc:value sdc:p="3">coffee shops.</sdc:value></sdc:g_TEST><sdc:g_business><sdc:value sdc:p="0">Starbucks Coffee International Inc, located in Seattle,</sdc:value><sdc:value sdc:p="1">Washington, owns and operates coffee shops.</sdc:value></sdc:g_business><sdc:g_business1><sdc:value>Starbucks Coffee International Inc, located in Seattle, Washington, owns and operates coffee shops.</sdc:value></sdc:g_business1><sdc:h_SEQ><sdc:value sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value><sdc:value sdc:p="3">4.00000</sdc:value></sdc:h_SEQ><sdc:h_TEST><sdc:value sdc:p="0">Starbucks Coffee France SAS,</sdc:value><sdc:value sdc:p="1">located in Paris, France, owns</sdc:value><sdc:value sdc:p="2">and operates coffee shops. The</sdc:value><sdc:value sdc:p="3">company was founded in 2003.</sdc:value></sdc:h_TEST><sdc:h_business><sdc:value sdc:p="0">Starbucks Coffee France SAS, located in Paris, France, owns</sdc:value><sdc:value sdc:p="1">and operates coffee shops. The company was founded in 2003.</sdc:value></sdc:h_business><sdc:h_business1><sdc:value>Starbucks Coffee France SAS, located in Paris, France, owns and operates coffee shops. 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sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value><sdc:value sdc:p="3">4.00000</sdc:value><sdc:value sdc:p="4">5.00000</sdc:value><sdc:value sdc:p="5">6.00000</sdc:value><sdc:value sdc:p="6">7.00000</sdc:value><sdc:value sdc:p="7">8.00000</sdc:value><sdc:value sdc:p="8">9.00000</sdc:value><sdc:value sdc:p="9">10.00000</sdc:value><sdc:value sdc:p="10">11.00000</sdc:value><sdc:value sdc:p="11">12.00000</sdc:value></sdc:n_SEQ><sdc:n_SYNOPSIS><sdc:value sdc:p="0">FRANCE - Starbucks Coffee</sdc:value><sdc:value sdc:p="1">International Inc, a wholly-</sdc:value><sdc:value sdc:p="2">owned unit of Starbucks Corp</sdc:value><sdc:value sdc:p="3">agreed to acquire the</sdc:value><sdc:value sdc:p="4">remaining 50% interest, which</sdc:value><sdc:value sdc:p="5">it did not already own, in</sdc:value><sdc:value sdc:p="6">Starbucks Coffee France SAS,</sdc:value><sdc:value sdc:p="7">a joint venture between</sdc:value><sdc:value sdc:p="8">Starbucks and Sigla SA (Sigla)</sdc:value><sdc:value sdc:p="9">doing business as Grupo</sdc:value><sdc:value sdc:p="10">Vigla SA, from its joint</sdc:value><sdc:value sdc:p="11">partner Sigla.</sdc:value></sdc:n_SYNOPSIS><sdc:n_synopsis2><sdc:value>FRANCE - Starbucks Coffee International Inc, a wholly- owned unit of Starbucks Corp agreed to acquire the remaining 50% interest, which it did not already own, in Starbucks Coffee France SAS, a joint venture between Starbucks and Sigla SA (Sigla) doing business as Grupo Vigla SA, from its joint partner Sigla.</sdc:value></sdc:n_synopsis2><sdc:n_synopsis3><sdc:value sdc:p="0">FRANCE - Starbucks Coffee International Inc, a wholly- owned unit of Starbucks Corp agreed</sdc:value><sdc:value sdc:p="1">to acquire the remaining 50% interest, which it did not already own, in Starbucks Coffee</sdc:value><sdc:value sdc:p="2">France SAS, a joint venture between Starbucks and Sigla SA (Sigla) doing business as</sdc:value><sdc:value 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</description><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PR_178975_600011184</link><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PR_178975_600011184</moodys:docid><guid isPermaLink="false">moodys/PR_178975_600011184</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><pubDate>14 May 2009 04:46:37 EST</pubDate><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Starbucks Corporation</moodys:issuer><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Starbucks Corporation</moodys:issuer_list><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600011184</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:printdate xmlns:moodys="http://www.alacra.com/moodys">13 May 2009</moodys:printdate><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Rating Action</moodys:report_type><moodys:sector xmlns:moodys="http://www.alacra.com/moodys">C</moodys:sector><title>Moody's lowers Starbucks ratings to Baa3/Prime-3; outlook stable</title><description>Global Credit Research Rating Action ## MAY ####   Rating Action: Starbucks Corporation Moody's lowers Starbucks ratings to Baa#/Prime-#; outlook stable New York, May ##, #### -- Moody's Investors Service today lowered the rating of...</description><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T2174358</link><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T2174358</ccbn:docid><guid isPermaLink="false">ccbn/T2174358</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><pubDate>29 Apr 2009 08:06:00 EST</pubDate><ccbn:eventid xmlns:ccbn="http://www.alacra.com/ccbn">2174358</ccbn:eventid><ccbn:headline xmlns:ccbn="http://www.alacra.com/ccbn">Final Transcript of SBUX earnings conference call or presentation, 29-Apr-09 5:00pm ET</ccbn:headline><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Starbucks</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Starbucks Q2 2009 Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">SBUX</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">5:00pm ET</ccbn:time><title>Starbucks Q2 2009 Earnings Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><description>...JoAnn DeGrande Starbucks Coffee Company - IR Howard Schultz Starbucks Coffee Company - Chairman, President, CEO Troy Alstead Starbucks Coffee Company - EVP, CFO, CAO Cliff Burrows Starbucks Coffee Company - President - Starbucks Coffee US C O N F E R E N C E C A L L P A R T I C I P A N T S...

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Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T2080013</link><guid isPermaLink="false">ccbn/T2080013</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T2080013</ccbn:docid><description>... - Starbucks Coffee Company -  Chairman, CEO Thank you. Thank you very much. Thank you. Good morning, and on behalf of ###,### partners who work for Starbucks in ##  countries, many of whom are watching it on the webcast, welcome to our ##th annual meeting as a public Company. Thank you. No matter how many times I see that video, it still moves me each and every time. I wanted to start the meeting really with showing you what took place in New Orleans and describe for you not only what we did, but why we did it. We've these Leadership Conferences before. This year we thought of all years it was so vitally important to make a significant investment in our people. We could have gone anywhere. Every city, every municipality, given the economic downturn, wanted this conference. When we thought about New Orleans, it was an obvious choice. The opportunity was not only to host our conference there, but really I think to reinforce the values of the Company, and to state publicly to our people and...

</description><pubDate>19 Mar 2009 03:05:00 EST</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Starbucks</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">2009 Annual Meeting of Shareholders Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">SBUX</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">10:00am PT</ccbn:time><title>2009 Annual Meeting of Shareholders Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/701931</link><guid isPermaLink="false">spcred/701931</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">701931</spcred:docid><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>11 Feb 2009 01:06:01 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Starbucks Corp.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Restaurants</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings are based on Starbucks Corp.'s leading market position and excellent brand recognition in the specialty coffee market in the U.S., as well as a history of strong cash flow generation. Credit metrics that are below average for the rating temper these strengths. Starbucks is a global retailer of specialty coffee, with more than 16,875 locations in the U.S. and internationally as of Dec. 28, 2008. The company is the dominant player in the specialty coffee retailing market, with a national presence in the U.S. and growing international operations that currently encompass more than 45 countries. Competition in the specialty coffee retailer market is fragmented and consists primarily of independent operators, including restaurants, donut stores, and coffee shops. 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Short-Term Rating Lowered To 'A-3'; Outlook Revised To Negative</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Restaurants</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">NEW YORK (Standard&amp;Poor's) Feb. 9, 2009--Standard&amp;Poor's Ratings Services said today it revised its outlook on Seattle-based Starbucks Corp. to negative from stable. At the same time, we lowered the company's short-term rating to 'A-3' from 'A-2' and removed it from CreditWatch with negative implications, where it was placed Feb. 2, 2009. In addition, we affirmed the 'BBB' corporate credit rating. "The outlook revision reflects operating performance that deteriorated in the first quarter ended Dec. 28, 2008," said Standard&amp;Poor's credit analyst Jackie E. Oberoi. Consolidated same-store sales were negative 10% and operating margins contracted 300 basis points for the 12 months ended Dec. 28, 2008, compared to a year ago. "While Starbucks has announced cost-cutting</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">855244</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M2</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M3</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">25301040 253010 2530 25</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Starbucks Corp.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">126735</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">SBUX</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/701517</link><guid isPermaLink="false">spcred/701517</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">701517</spcred:docid><description>The latest Research Update from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>09 Feb 2009 06:46:00 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Research Update: Starbucks Corp. Outlook Revised To Negative; Short-Term Rating Lowered To 'A-3'</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Restaurants</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On Feb. 9, 2009, Standard&amp;Poor's Ratings Services revised its outlook on Seattle-based Starbucks Corp. to negative from stable. At the same time, we lowered the company's short-term rating to 'A-3' from 'A-2' and removed it from CreditWatch with negative implications, where it was placed Feb. 2, 2009. In addition, we affirmed the 'BBB' corporate credit rating. The outlook revision reflects operating performance that deteriorated in the first quarter ended Dec. 28, 2008, including consolidated same-store sales of negative 10% and operating margins that contracted 300 basis points (bps) for the 12 months ended Dec. 28, 2008, compared to a year ago. While Starbucks has announced cost-cutting initiatives and a further reduction of unprofitable stores, we do not expect</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">855244</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M2</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M3</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">25301040 253010 2530 25</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Starbucks Corp.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">126735</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">SBUX</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">RESUPD</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/699823</link><guid isPermaLink="false">spcred/699823</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">699823</spcred:docid><description>The latest News from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>02 Feb 2009 06:46:13 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><title>Starbucks Corp. 'A-2' Short-Term Credit Rating On CreditWatch Negative</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Restaurants</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">NEW YORK (Standard&amp;Poor's) Feb. 2, 2009--Standard&amp;Poor's Ratings Services said today it placed Seattle-based Starbucks Corp.'s 'A-2' short-term ratings on CreditWatch with negative implications. Starbucks' long-term corporate credit rating and outlook remain unchanged. "We issued the CreditWatch on Starbucks' short-term rating because we expect to review the company's corporate credit rating and outlook within the next week," said Standard&amp;Poor's credit analyst Jackie E. Oberoi. A revision in the company's outlook to negative from stable would trigger lowering the short-term rating to 'A-3.' "We will resolve the CreditWatch upon completion of the corporate credit rating review," added Ms. Oberoi.</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">855244</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M2</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M3</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">25301040 253010 2530 25</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Starbucks Corp.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">126735</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">SBUX</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/699824</link><guid isPermaLink="false">spcred/699824</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">699824</spcred:docid><description>The latest Research Update from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>02 Feb 2009 06:46:00 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Research Update: Starbucks Corp. 'A-2' Short-Term Rating Placed On CreditWatch Negative</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Restaurants</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On Feb. 2, 2009, Standard&amp;Poor's Ratings Services placed Seattle-based Starbucks Corp.'s 'A-2' short-term ratings on CreditWatch with negative implications. Starbucks' long-term corporate credit rating and outlook remain unchanged. Standard&amp;Poor's issued the CreditWatch on Starbucks' short-term rating because we expect to review the company's corporate credit rating and outlook within the next week. A revision in the company's outlook to negative from stable would trigger lowering the short-term rating to 'A-3.' We will resolve the CreditWatch upon completion of the corporate credit rating review. Starbucks Corp. Long-Term Credit Rating BBB/Stable Ratings Placed On CreditWatch To From Short-Term Credit Rating A-2/Watch Neg A-2 Starbucks Corp. Commercial Paper (1 issue) A-2/Watch Neg A-2</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">855244</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M2</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">8552M3</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">25301040 253010 2530 25</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Starbucks Corp.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">126735</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">SBUX</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">RESUPD</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item></channel></rss>