On 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'. Its 'A-1' short-term corporate credit and commercial paper rating have been affirmed. The outlook is stable. About $800 million of total debt was outstanding at Beaverton, Ore.-based NIKE 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. Funds from operations to total debt was more than 95% and debt to EBITDA was under 1x. The rating action also reflects the expectation that NIKE will continue to maintain a conservative capital structure. The ratings
