NEW YORK (Standard&Poor's) June 10, 2005--Standard&Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on athletic footwear and apparel maker NIKE Inc. to 'A+' from 'A'. At the same time, Standard&Poor's affirmed its 'A-1' short-term corporate credit and commercial paper rating. The outlook is stable. About $800 million of total debt was outstanding at the Beaverton, Ore.-based company at Feb. 28, 2005. "The upgrade reflects NIKE's improved credit profile and credit measures (adjusted for operating leases) that have exceeded Standard&Poor's expectations," said Standard&Poor's credit analyst Jean C. Stout. Funds from operations to total debt was more than 95% and debt to EBITDA was under 1x. The
