Strong performance continued during the third quarter of 2010 for Seattle-based coffee retailer Starbucks Corp. We are raising Starbucks corporate credit rating to 'BBB+'; the short-term ratings are affirmed at 'A-2'. Our stable outlook reflects our expectation that Starbucks will manage well through the remainder of 2010 and that credit protection measures will improve modestly from current levels at year-end. On August 10, 2010, Standard&Poor's Ratings Services raised its ratings on Starbucks Corp. to 'BBB+' from 'BBB' because of the company's continued strong performance and our expectation for good performance through year-end. We are also affirming the 'A-2' short-term ratings on the company. Our ratings are based on Starbucks Corp.'s leading market position and excellent brand recognition in
