...May 2, 2019 BOSTON (S&P Global Ratings) May 2, 2019--S&P Global Ratings today assigned its '###+' issue-level rating to Seattle-based specialty coffee retailer Starbucks Corp.'s proposed senior unsecured multi-tranche debt offering. We understand Starbucks will use the proceeds for general corporate purposes (which includes share repurchases) and projects that promote Sustainable Development Goals, as defined by the United Nations. The proposed issuance will bring Starbucks closer to its three-year target of returning $25 billion in capital to shareholders by the end of the current fiscal year (Sept. 29, 2019), and will increase debt to EBITDA to the mid- to high-2x area, in line with our expectations. The new notes will rank equally with the company's other senior unsecured debt. Starbucks' sales growth has regained some steam this year. The company reported a 3% increase in global comparable store sales for the second quarter ended March 31, 2019. Price increases, beverage innovation,...
