NEW YORK (Standard&Poor's) Sept. 22, 2008--Standard&Poor's Ratings Services said today the ratings and outlook for NIKE Inc. (A+/Stable/A-1) will not be immediately affected by the company's announcement that its board of directors has approved a $5 billion share repurchase program, which replaced the existing $3 billion share repurchase program, of which $2.1 billion has been repurchased through May 31, 2008. This new program will commence on the completion of the existing program, and is expected to be completed over four years. We expect the company to finance the share repurchases with NIKE's significant cash flows and large cash and cash equivalent balances on hand (about $2.7 billion as of May 31, 2008). We also expect NIKE
