On Aug. 20, 2007, Standard&Poor's Ratings Services assigned its 'BBB+' rating to Seattle, Wash.-based Starbucks Corp.'s $500 million senior unsecured notes due 2017. Standard&Poor's also affirmed the company's outstanding ratings, including its 'BBB+' corporate credit rating. The outlook is stable. 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. Bond proceeds will be used to retire short-term debt and for share repurchases. Standard&Poor's considers this debt issuance an indication of a more aggressive financial policy for Starbucks, as in the past share repurchases have been completed with short-term
