We expect financial policy and credit metrics for U.S.-based NIKE Inc. to remain relatively stable at the currently very strong level. We are raising our ratings on NIKE, including our corporate credit rating to 'AA-' from 'A+'. The stable outlook reflects our expectation for credit measures to remain very strong while supporting the company's ongoing growth initiatives. Additionally, we believe NIKE's operating performance will be relatively stable, given the company's solid global business position and history of successful product launches, despite a still-weak discretionary consumer spending environment. On Nov. 6, 2013, Standard&Poor's Ratings Services raised its corporate credit rating on Beaverton, Ore.-based NIKE Inc. to 'AA-' from 'A+'. The outlook is stable. We also raised our unsecured debt
