...NEW YORK (S&P Global Ratings) Aug. 8, 2018--S&P Global Ratings today assigned its '###+' issue-level rating to Starbucks Corp.'s proposed senior unsecured notes. We understand that Starbucks will use the proceeds for general corporate purposes, including share repurchases, as part of its plan to increase return of capital to shareholders. The new notes will rank equally with the company's other senior unsecured debt. We lowered our ratings on Starbucks to '###+' from 'A-' on June 20, 2018, following the company's announcement of a more aggressive allocation of capital to shareholders. The company raised its target of total shareholder capital payments, both dividends and stock buybacks, to $25 billion as it acknowledged slower growth of same-store sales. We expect debt to EBITDA to rise to the mid-2x area in the next year as the company partly funds its shareholder remuneration plans with additional debt. Seattle-based Starbucks' same-store sales growth has slowed over the last few quarters,...
