Starbucks Corp.'s Proposed Senior Unsecured Notes Rated 'BBB+'

SAN FRANCISCO (S&P Global Ratings) Feb. 9, 2022--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Seattle-based specialty coffee retailer Starbucks Corp.'s proposed senior unsecured notes, which it will issue in both fixed- and floating-rate tranches. We expect this transaction to be roughly leverage neutral because the company will use the majority of the proceeds to refinance $1 billion of existing notes maturing this fiscal year and the remainder for general corporate purposes. All of our other ratings on Starbucks, including our 'BBB+' issuer credit rating and stable outlook, are unchanged. We expect demand for the company's premium specialty coffee beverages will remain solid this year due to strong customer loyalty, increased mobility, and its leading digital capabilities, which

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