Despite a weak U.S. economy, Starbucks has improved credit metrics through good cost controls and pay-down of debt. We are revising our outlook on Starbucks to stable from negative and affirming the 'BBB' corporate credit rating on the company. We are raising our short-term and commercial paper ratings on the company to 'A-2' from 'A-3'. Our stable outlook on the rating reflects our assumption that Starbucks' performance will continue to stabilize and that credit metrics will improve or remain at current levels. On Aug. 28, 2009, Standard&Poor's Ratings Services revised its outlook on Starbucks Corp.'s credit ratings to stable from negative based on improved credit metrics and stabilizing performance. We affirmed the 'BBB' corporate credit rating on the
