...February 7, 2023 NEW YORK (S&P Global Ratings) Feb. 7, 2023--S&P Global Ratings today assigned its '###+' issue-level rating to Seattle-based specialty coffee retailer Starbucks Corp.'s proposed senior unsecured notes. We expect the transaction will be roughly leverage neutral because the company will use the majority of the proceeds to refinance $1 billion of its existing notes maturing later this quarter and the remainder for general corporate purposes. All of our other ratings on Starbucks, including our '###+' issuer credit rating and stable outlook, are unchanged. Pro forma for the transaction, the company's leverage was approximately 2.7x as of the quarter ended Oct. 31, 2022. We continue to expect Starbucks will operate with leverage of less than 3.0x. Last week the company reported earnings and kept its fiscal-year 2023 guidance unchanged. Starbucks' guidance for fiscal year 2023 includes a 10%-12% increase in its global revenue and a solid expansion in its operating margin. Over...
