Very strong market position in specialty coffee retailing; Excellent national and international brand recognition; and History of strong cash flow generation. Operates in the competitive and fragmented retail/restaurant industry; and Aggressive international growth plans. The ratings are based on Seattle-based Starbucks Corp.'s 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. Credit metrics that are slightly below average for the rating category temper these strengths. Starbucks is a global retailer of specialty coffee, with more than 16,500 locations in the U.S. and internationally. The company is the dominant player in the specialty coffee retailing market, with a national presence in
