...NEW YORK (S&P Global Ratings) Oct. 10, 2018--S&P Global Ratings today said that it will watch for any significant shifts in coffee retailer Starbucks' (###+/Stable/A-2) financial policies or business strategies arising from William Ackman's Pershing Square Capital Management L.P.'s ownership stake and/or new CFO that may affect its credit quality. We assess activist impact on an issuer's credit quality by actions, rather than the accumulation of an ownership position, but our ratings on Starbucks Corp. do not incorporate major changes in operating plans or capital returns to shareholders beyond the announced $25 billion. While we view the investment by Pershing Square as not affecting the rating at this time, Pershing cited store growth prospects (including China growth), along with share buybacks, as supporting stock price upside. Pershing Square noted that Starbucks' "recent challenges are fixable with appropriate management execution," so the current share price provides an opportunity...
