On March 28, 2007, Standard&Poor's Ratings Services assigned its 'BBB+' corporate credit rating to Starbucks Corp. In addition, we assigned a short-term rating of 'A-2' to the company. The ratings are based on Starbucks' leading market position and excellent brand recognition in the specialty coffee market in the U.S., as well as a history of good operating performance and strong cash flow generation. The outlook is stable. Seattle, Washington-based Starbucks is a global retailer of specialty coffee, with more than 13,100 locations in the U.S. and internationally. The company is the dominant player in the specialty coffee retailing market, with a national presence in the U.S. and growing international operations that currently encompass 39 countries. Competition in the
